The Fashion Institute of Technology’s Chelsea campus faces financial troubles, as budget cuts affected its sleek glass tower. The school is now waiting for the Prince on white horse to come and put $52 million on the table. According to the Architect’s Newspaper, the state awarded the State University of New York school between Seventh [...]
Signs of life were reported regarding a Sag Harbor luxury condominium project, which was approved after two years of deliberation in 2008. The project was stalled as it was subject to lawsuits over the approval and the global recession came. Cape Advisors, the developers of a planned $100 million, 65-unit luxury apartment building at the [...]
A Tribeca residential condominium located at 5 Franklin Place has has through the foreclosure process and arrived to the final step: the foreclosure process. The real estate was purchased five years ago by LLC Franklin Place for $36.6 million and it is now scheduled to be sold September 12. The lot was slated to host [...]
New York foreclosures follow the national trend, in other words are down in the second quarter of current year, but mortgage delinquencies are up, according to the Mortgage Delinquency Survey released by the Mortgage Bankers Association. Foreclosure start rates fell to their lowest level since the fourth quarter of 2007 and the percentage of loans [...]
These tough days keep the investors away from foreclosure auctions. This was the case of a well situated vacant lot in Chelsea, near to the High Line, adjacent to the glassy new condo tower 200 Eleventh Ave. No one showed up to bid on the foreclosure auction, so the 5,000 square-foot lot will go back [...]
I won’t do it again, sir. This is the sentence the bankers keep repeating each time they are caught with sloppy foreclosure paperwork. The problem is nothing changes, everything is the same as a year ago, since the robo-singing scandal surfaced. And the worse thing is: lenders are foreclosing without having the right to do [...]
Marry Lee Ward, an 82-year-old great-grandmother now faces the fact that she will be homeless because of a predatory lender that issued a loan 16-years ago. The New York Daily News reported that the woman faces eviction from her Bedford-Stuyvesant home. Delta Funding is known for its predatory loans by now, but 16 years ago, [...]
The 490-room Renaissance Boston Waterfront Hotel owner, Loeb Partners Realty, a New York-based company is in default on its $90 million loan. The money were borrowed to finish the downtown Boston luxury property, which opened in 2008, but the Loeb failed to pay the amount back and now the luxury hotel is scheduled at foreclosure [...]
The View at 101 Boardwalk is now legally owned by the bank that holds $17.2 million in mortgages on the real estate. s New York Community Bank bid and successfully repossessed the 539.unit apartment complex formerly known as the Waterside for $13.5 million, according to a statement of bankruptcy trustee Karen L. Gillman. The previous [...]
A stalled Midtown West development site was acquired by Glenwood Management for $76.3 million after the entity purchased the distressed mortgage in 2010 and started foreclosure proceedings against the original developer. When Tribeach Holdings, the entity led by principals James Mooney, William Fegan and Adrian Stroie purchased the site located on the west side of [...]
