According to Chetrit Group’s Isaac Chetrit’s attorney, he “was defrauded out of ownership of a mortgage he bought on a Garment District office building”. Isaac Chetrit paid $10.75 million in 2010 for the distressed mortgage on a 60,000-square-foot office building, with the intention to file the transaction under an LLC called Mazel West 35. Instead, [...]
The five-story Tribeca building brought a handful of investors who were interested in purchasing it at the foreclosure auction initiated by CNBS Trust. Bidding for the 14,545-square-foot property started at $7 million, and the final bid came from Vornado Realty Trust, who became the new owner of the real estate located at 334 Canal Street, [...]
With the end of August the end of high foreclosure number has come. While recently New York didn’t look good in the statistics, last month’s numbers are positive. According to PropertyShark’s latest report, the number of newly scheduled New York City foreclosure auctions fell 70% in August compared to the same month in 2010, and [...]
Sometimes there are some odd things in the housing market, but this one tops all of them, The September 12 New York Times carried an advertisement for a foreclosure auction of a hotel. The hotel schedule for foreclosure auction was the Courtyard by Marriott Hotel at 420 E. 92nd St. The advertisement says the sale [...]
The founder of Bloomberg LP the financial news and information services company, Michael Bloomberg warned about riots in the streets of the US if the economy won’t find its way to recovery. High unemployment rate, lack of jobs have terrible results, as making people desperate, and he highlighted recent demonstrations around the world “We have [...]
New York-White Plains-Waine foreclosures continued their way up in the month of June, compared to a year prior, according to CoreLogic’s recent report. Foreclosure rate are up 1.3% from June 2010, when – the report says – the average was 3.93% Since we passed the first half of 2011, New York foreclosures show an upward [...]
A three-story commercial building is scheduled to be sold at a foreclosure auction September 16 with a starting bid of $20 million. According to PropertyShark, Roosevelt Avenue Corp, the owner of the nearly 60,000-square-feet of rentable space located at 150-24 Northern Boulevard has a judgment against it for $16.8 million. This is the lender’s second [...]
The Karl-Fisher designed Continental building received a foreclosure notice from Capital One bank. The note states that the developer, Isaac Hager, from Brooklyn defaulted on its $18.6 million loan he took out to construct the planned condominium at 185 South 4th Street in Williamsburg. Although it was planned as condominium, the real estate went to [...]
Goldman Sach’s mortgage subsidiary was ordered to stop many of its controversial mortgage-related practices according to a deal it signed with a New York state banking regulator. The New York’s Department of Financial Services and Banking Department stated the settlement was a condition to Goldman Sachs Group Inc.’s sale of its Litton Loan Servicing subsidiary [...]
Some of New York buildings are somehow ironic when we are thinking about the Great Recession. Just like the 740 Park building. According to The Observer the hyper-exclusive co-op at 740 Park is a cash-only building. There were some questions concerning whether if foreclosure was possible on an apartment owned by Liz Swig. This was [...]
