<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:wfw="http://wellformedweb.org/CommentAPI/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
	xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
	>

<channel>
	<title>New York Short Sale Center</title>
	<atom:link href="http://www.newyorkshortsaleexperts.com/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.newyorkshortsaleexperts.com</link>
	<description>YOUR NEW YORK SHORT SALE CENTER - member of Eureka Realty Network</description>
	<lastBuildDate>Tue, 21 Feb 2012 12:00:04 +0000</lastBuildDate>
	<language>en</language>
	<sy:updatePeriod>hourly</sy:updatePeriod>
	<sy:updateFrequency>1</sy:updateFrequency>
	<generator>http://wordpress.org/?v=3.2.1</generator>
		<item>
		<title>Katy Perry’s TriBeCa penthouse hits the market</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/02/21/katy-perry%e2%80%99s-tribeca-penthouse-hits-the-market/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/02/21/katy-perry%e2%80%99s-tribeca-penthouse-hits-the-market/#comments</comments>
		<pubDate>Tue, 21 Feb 2012 12:00:04 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Luxury]]></category>
		<category><![CDATA[Housing]]></category>
		<category><![CDATA[Luxury Homes]]></category>
		<category><![CDATA[Luxury Properties]]></category>
		<category><![CDATA[Luxury Real Estate]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Residential]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1085</guid>
		<description><![CDATA[Pop star Katy Perry decided to unload her luxury TriBeCa penthouse apartment she purchased just a year and a half ago. Her divorce from British actor Russell Brand could be one of the reasons of selling the high-rise real estate, as it will be final in July. Kate is asking the same price she paid [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify">Pop star Katy Perry decided to unload her luxury TriBeCa penthouse apartment she purchased just a year and a half ago.</p>
<p style="text-align: justify">Her divorce from British actor Russell Brand could be one of the reasons of selling the high-rise real estate, as it will be final in July. Kate is asking the same price she paid 18 months ago, when she was wed, $2.75 million, The Daily reported.</p>
<p style="text-align: justify">The penthouse features two bedrooms, two bathrooms, a cherrywood staircase, a heated bathroom floor and a gorgeous south-facing terrace with a full city view, the listing with Prudential Douglas Elliman informs.</p>
<p style="text-align: justify">Kate Perry, the 27-years-old pop star, bough the 1,500 square-feet penthouse before she married with – then her fiancé – Brand Russell.</p>
<p style="text-align: justify">The couple never signed a prenup, but Brand refused to accept $20 million of Perry’s earnings that he would be due if they split the fortune she earned during their marriage.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/02/21/katy-perry%e2%80%99s-tribeca-penthouse-hits-the-market/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>New York foreclosures rise</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/02/18/new-york-foreclosures-rise/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/02/18/new-york-foreclosures-rise/#comments</comments>
		<pubDate>Sat, 18 Feb 2012 11:00:25 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Foreclosures]]></category>
		<category><![CDATA[Residential]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Homeowners]]></category>
		<category><![CDATA[Manhattan]]></category>
		<category><![CDATA[Queens]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1082</guid>
		<description><![CDATA[Although New York State’s delinquency rate was down in the fourth quarter, foreclosures are up, according to a report released by the Mortgage Bankers Association. The percentage of delinquent mortgage loans on residential properties hardly hit 7.98%, down from 8.12% at the end of the third quarter of 2011. With the national fourth quarter average [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify">Although New York State’s delinquency rate was down in the fourth quarter, foreclosures are up, according to a report released by the Mortgage Bankers Association.</p>
<p style="text-align: justify">The percentage of delinquent mortgage loans on residential properties hardly hit 7.98%, down from 8.12% at the end of the third quarter of 2011.</p>
<p style="text-align: justify">With the national fourth quarter average of delinquent mortgages hitting 8.15%, New York ranked 26th among states in delinquency rate. But the percentage of loans in New York on which foreclosure was started rose to 0.89% from 0.82% in the fourth quarter and the percentage of loans in foreclosure also rose 21-hundredths of a%age point to 5.88%.</p>
<p style="text-align: justify">“By several measures, mortgage delinquencies are about half way back to long-term, pre-recession levels,” said Jay Brinkmann, chief economist of the MBA. “The total delinquency rate peaked at 10.1% in the first quarter of 2010. It now stands at 7.6%, about half way to the longer-term pre-recession average of roughly 5%. The rate of foreclosure starts peaked in the third quarter of 2009 at 1.4% but has now dropped to 1%, about half way to the longer-term average of slightly under .5%.”</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/02/18/new-york-foreclosures-rise/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Treetop development purchased Central Harlem portfolio for $18 million</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/02/14/treetop-development-purchased-central-harlem-portfolio-for-18-million/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/02/14/treetop-development-purchased-central-harlem-portfolio-for-18-million/#comments</comments>
		<pubDate>Tue, 14 Feb 2012 12:00:26 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Commercial]]></category>
		<category><![CDATA[Housing]]></category>
		<category><![CDATA[Manhattan]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1079</guid>
		<description><![CDATA[One of the largest property portfolios below 125th Street in Upper Manhattan in recent memory is now in the ownership of Treetop Development. The company paid a reported $18.4 million to become the owner of the portfolio. The recently purchased portfolio consist of two elevator and two walk-up, mixed-use buildings with a combined 82 residential [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify"><a href="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/02/harlem460x276.jpg"><img class="aligncenter size-full wp-image-1080" src="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/02/harlem460x276-e1329220453423.jpg" alt="" width="480" height="288" /></a></p>
<p style="text-align: justify">One of the largest property portfolios below 125th Street in Upper Manhattan in recent memory is now in the ownership of Treetop Development. The company paid a reported $18.4 million to become the owner of the portfolio.</p>
<p style="text-align: justify">The recently purchased portfolio consist of two elevator and two walk-up, mixed-use buildings with a combined 82 residential units plus 11 retail units located at 120-26 West 116th Street, 1917-19 Adam Clayton Powell Jr. Boulevard, 110 Nicholas Avenue and 110 West 116th Street, which formerly belonged to Wavecrest Management Team, a private developer.</p>
<p style="text-align: justify">“We view the area as an emerging neighborhood which has already undergone some gentrification,” said Adam Mermelstein of Treetop. “We’re value-added opportunistic buyers. This is a stepping stone to a larger porfolio.”</p>
<p style="text-align: justify">The new owner purchased the portfolio with plans to renovate the hallways and common areas of all of the involved properties and perform a facelift on the commercial real estate.</p>
<p style="text-align: justify">According to Ariel Property Advisors, which brokered the deal this is the first multi-family building to trade along the highly sought after West 116th Street corridor since 2009 and the street’s first mixed-use portfolio to sell in 7 years.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/02/14/treetop-development-purchased-central-harlem-portfolio-for-18-million/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Noho building scheduled for foreclosure sale</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/02/07/noho-building-scheduled-for-foreclosure-sale/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/02/07/noho-building-scheduled-for-foreclosure-sale/#comments</comments>
		<pubDate>Tue, 07 Feb 2012 12:00:25 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Foreclosures]]></category>
		<category><![CDATA[Residential]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Lenders]]></category>
		<category><![CDATA[Luxury Homes]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1076</guid>
		<description><![CDATA[A nearly 20,000 square-feet residential building located at 654 Broadway is scheduled to be sold at foreclosure auction, as its lender pushed the property through the foreclosure pipeline, according to PropertyShark. The informations obtained by the research company show that the lender loaned $12 million to 654 Broadway Partners, in 2007. Now the loan is [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify"><a href="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/02/Noho-building.jpg"><img class="aligncenter size-full wp-image-1077" src="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/02/Noho-building.jpg" alt="" width="480" height="360" /></a></p>
<p style="text-align: justify">A nearly 20,000 square-feet residential building located at 654 Broadway is scheduled to be sold at foreclosure auction, as its lender pushed the property through the foreclosure pipeline, according to PropertyShark.</p>
<p style="text-align: justify">The informations obtained by the research company show that the lender loaned $12 million to 654 Broadway Partners, in 2007. Now the loan is past due and it has an outstanding lien of $14.48 million.</p>
<p style="text-align: justify">The lender, CIT Group filed to foreclose on the loan in September 2009, claiming that the developer, an affiliate of Cardinal Real Estate Investments has missed a total of $890,603 in mortgage payments since November 2008, the Real Deal reports.</p>
<p style="text-align: justify">The six-story loft-style building on Broadway is located between Bleecker and Bond Streets features 17,079 square-feet of residential space and 2,900 square-feet of retail space.</p>
<p style="text-align: justify">The original plan which has driven Cardinal Real Estate Investments in its purchase was to convert the five upper floors to residential condominiums and the ground floor into a commercial condominium. Now the property will change hands on March 7 at the auction that will take place at 60 Center Street.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/02/07/noho-building-scheduled-for-foreclosure-sale/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Hudson Yards development hit the market</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/01/31/hudson-yards-development-hit-the-market/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/01/31/hudson-yards-development-hit-the-market/#comments</comments>
		<pubDate>Tue, 31 Jan 2012 12:02:29 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Commercial]]></category>
		<category><![CDATA[Housing]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1073</guid>
		<description><![CDATA[A development site in the Hudson Yards hit the market, according to the Real Deal. The site is located at 462-470 11th Avenue and 554 West 38th Street and features about 320,000 buildable square feet over five adjacent parcels, Massay Knakal Realty Services announced yesterday. The plot can host developments such as office buildings or [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify">A development site in the Hudson Yards hit the market, according to the Real Deal. The site is located at 462-470 11th Avenue and 554 West 38th Street and features about 320,000 buildable square feet over five adjacent parcels, Massay Knakal Realty Services announced yesterday.</p>
<p style="text-align: justify">The plot can host developments such as office buildings or hotels with residential component, as the zoning is perfect for that. The residential component could comprise about one third of any development built at the site, Robert Knakal, chairman at Massey Knakal said. In addition, the site offers flexible height and setback requirements, he added.</p>
<p style="text-align: justify">This isn’t the only site Massey Knakal markets. The company has recently signed a contract targeting another parcel in the Hudson Yards area east of the available one, for $150 per square foot. Last January, 431-439 West 37th Street, a mid-block site between 37th and 38th streets sold for $18.7 million, or about $185 per square foot, but Knakal noted that that site was zoned for residential, the Real Deal informs.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/01/31/hudson-yards-development-hit-the-market/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Alexico Group will lose Flatotel by the end of 2012</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/01/28/alexico-group-will-lose-flatotel-by-the-end-of-2012/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/01/28/alexico-group-will-lose-flatotel-by-the-end-of-2012/#comments</comments>
		<pubDate>Sat, 28 Jan 2012 12:00:51 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Commercial]]></category>
		<category><![CDATA[Foreclosures]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Lenders]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1070</guid>
		<description><![CDATA[A pair of Midtown hotel properties belonging now under the ownership of The Alexico Group are likely to go back to the lender by the end of the year, after the New York State Supreme Court Judge ruled that the debtholders on the Flatotel and Alex Hotel can proceed with foreclosure on the properties, The [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify"><a href="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/alex-hotel.jpg"><img class="aligncenter size-full wp-image-1071" src="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/alex-hotel-e1327748378200.jpg" alt="" width="480" height="314" /></a></p>
<p style="text-align: justify">A pair of Midtown hotel properties belonging now under the ownership of The Alexico Group are likely to go back to the lender by the end of the year, after the New York State Supreme Court Judge ruled that the debtholders on the Flatotel and Alex Hotel can proceed with foreclosure on the properties, The Wall Street Journal reports.</p>
<p style="text-align: justify">As mentioned just above, there are two buildings in total. The Flatotel is a 272-room hotel the troubled group developed at 135 West 52nd Street that the debtholders filed to foreclose on in September 2010 with a $197 million lawsuit.</p>
<p style="text-align: justify">The second building is the Alex Hotel, a 205-room property located at 205 East 45th Street, which was hit with an $81.7 million lawsuit two months earlier.</p>
<p style="text-align: justify">The partnership that holds the debt on the troubled hotels is formed by Rockpoint Group, Atlas Capital Group and Procaccianti Group. The joint venture purchased the debt at a discount from Anglo Irish Bank in July 2010. But Alexico Group’s debt is higher than the above mentioned amounts. Both Alexico Group leaders Simon Elias and Izak Senbahar also owe more than $25 million in personal guarantees, which raises the total debt to $300 million.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/01/28/alexico-group-will-lose-flatotel-by-the-end-of-2012/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Goldman buys Chelsea retail condo</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/01/24/goldman-buys-chelsea-retail-condo/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/01/24/goldman-buys-chelsea-retail-condo/#comments</comments>
		<pubDate>Tue, 24 Jan 2012 12:00:57 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Commercial]]></category>
		<category><![CDATA[Housing]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Luxury Real Estate]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1067</guid>
		<description><![CDATA[A retail condo at the Yves, located at 127 Seventh Avenue at 18th Street featuring 2,064 square-feet on the ground floor will be purchased by Lloyd Goldman’s BLDG Acquisition. As public records show, the property developer is Ben Shaoul’s Magnum Real Estate Group, which agreed to sell the property to Goldman on January 5 when [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify"><a href="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/retail-core.jpg"><img class="aligncenter size-full wp-image-1068" src="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/retail-core-e1327405523878.jpg" alt="" width="479" height="299" /></a></p>
<p style="text-align: justify">A retail condo at the Yves, located at 127 Seventh Avenue at 18th Street featuring 2,064 square-feet on the ground floor will be purchased by Lloyd Goldman’s BLDG Acquisition.</p>
<p style="text-align: justify">As public records show, the property developer is Ben Shaoul’s Magnum Real Estate Group, which agreed to sell the property to Goldman on January 5 when they signed off the contract.</p>
<p style="text-align: justify">The transaction is expected to close within 45 days of January 5, as documents filed past Friday show. The residential brokerage Core moved into the space in the spring on 2009.</p>
<p style="text-align: justify">Although the sale price was not disclosed, sources assume the unit’s price is $6.64 million. The sale price was approximately $3,217 per square-feet on the ground floor and the unit also includes 1,432 square feet of cellar space, The Real Deal reports.</p>
<p style="text-align: justify">The estimates come at the height of a recent deal that closed on December 14 between a Russian investor and the seller People’s United Bank. The sales price was $6.5 million for the 2,340-square-feet unit or about 2,777 per foot, as city property records cited by the Real Deal show.</p>
<p style="text-align: justify">The Grubb &amp; Ellis New York investment sales team of Yoav Oelsner, Neil Helman, Charles Kingsley, Vincent Carrega and Jon Epstein, marketed the property and brokered the sale.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/01/24/goldman-buys-chelsea-retail-condo/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Rockrose could acquire 575 Lexington Avenue</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/01/21/rockrose-could-acquire-575-lexington-avenue/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/01/21/rockrose-could-acquire-575-lexington-avenue/#comments</comments>
		<pubDate>Sat, 21 Jan 2012 12:00:51 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Commercial]]></category>
		<category><![CDATA[Foreclosures]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1064</guid>
		<description><![CDATA[According to Bloomberg&#8217;s sources, Rockrose Development is in talks to purchase 575 Lexington Avenue for $370 million. The information used by Bloomberg came from Real Estate Alert, saying that the 35-story, 585,000 square-feet office tower located between East 51st and East 52nd streets is at this time in the ownership of Silverstein Properties and the [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify"><a href="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/575_Lexington_Avenue.jpg"><img class="aligncenter size-full wp-image-1065" src="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/575_Lexington_Avenue-e1327144447589.jpg" alt="" width="480" height="612" /></a></p>
<p style="text-align: justify">According to Bloomberg&#8217;s sources, Rockrose Development is in talks to purchase 575 Lexington Avenue for $370 million. The information used by Bloomberg came from Real Estate Alert, saying that the 35-story, 585,000 square-feet office tower located between East 51st and East 52nd streets is at this time in the ownership of Silverstein Properties and the California State Teacher’s Retirement System.</p>
<p style="text-align: justify">As Bloomberg reports, the asset holders faced a foreclosure lawsuit filed by the debt holder, LNR properties, This was happening in 2011, according to The Real Deal.</p>
<p style="text-align: justify">Public information reveals that Silverstein and Calstrs had a $325 million loan granted by LNR Properties to fund their $416 million purchase of the real estate now in foreclosure, asset they purchased in 2006.</p>
<p style="text-align: justify">Bloomberg reports that the owners made a $75 million payment on the debt in October, but never managed to bring the loan current.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/01/21/rockrose-could-acquire-575-lexington-avenue/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Jeremias’ Chelsea office building foreclosed on</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/01/17/jeremias%e2%80%99-chelsea-office-building-foreclosed-on/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/01/17/jeremias%e2%80%99-chelsea-office-building-foreclosed-on/#comments</comments>
		<pubDate>Tue, 17 Jan 2012 12:00:34 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Commercial]]></category>
		<category><![CDATA[Foreclosures]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Housing]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1060</guid>
		<description><![CDATA[Atlas Capital and GreenOaks Real Estate purchased the defaulted note on Jeremias’ Chelsea office building, Crain’s reported. The 172,000-square-feet commercial real estate property has now a new leasing team with plans to attract tenants to the building. According to information previously supplied by The Real Deal, Atlas Capital Group had plans to buy the property, [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify"><a href="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/Chelsea-building-New-York.jpg"><img class="aligncenter size-full wp-image-1061" src="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/Chelsea-building-New-York-e1326801623847.jpg" alt="" width="479" height="319" /></a></p>
<p style="text-align: justify">Atlas Capital and GreenOaks Real Estate purchased the defaulted note on Jeremias’ Chelsea office building, Crain’s reported. The 172,000-square-feet commercial real estate property has now a new leasing team with plans to attract tenants to the building.</p>
<p style="text-align: justify">According to information previously supplied by The Real Deal, Atlas Capital Group had plans to buy the property, which was tied up in federal bankruptcy court.</p>
<p style="text-align: justify">The joint venture between Atlas and GreenOaks has closed last week on the loan at 218 West 18th Street for a reported $60 million, according to Andrew Cohen, a partner at Atlas.  The building is now in the ownership of the joint venture after its original developer Harry Jeremias, founder of Harch Group was struggling to avoid foreclosure for more than two years. Jeremias purchased the building in 2007, but it defaulted on his $68 million loan he got from Bank of America.</p>
<p style="text-align: justify">Crain’s reports that CBRE Group’s Stephen Siegel and Peter Turchin have been selected to head up leasing at the 65% vacant building.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/01/17/jeremias%e2%80%99-chelsea-office-building-foreclosed-on/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>RFR Holding plans to buy a $144 million note at 610 Lexington</title>
		<link>http://www.newyorkshortsaleexperts.com/2012/01/14/rfr-holding-plans-to-buy-a-144-million-note-at-610-lexington/</link>
		<comments>http://www.newyorkshortsaleexperts.com/2012/01/14/rfr-holding-plans-to-buy-a-144-million-note-at-610-lexington/#comments</comments>
		<pubDate>Sat, 14 Jan 2012 12:00:22 +0000</pubDate>
		<dc:creator>Istvan Fekete</dc:creator>
				<category><![CDATA[Commercial]]></category>
		<category><![CDATA[Foreclosures]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Luxury Properties]]></category>
		<category><![CDATA[New York]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://www.newyorkshortsaleexperts.com/?p=1057</guid>
		<description><![CDATA[RFR Holding’s Aby Rosen is ready to buy back the $144 million note at 610 Lexington Avenue for a discounted price, sources familiar with the matter said. The property that sits vacant for some time now was slated to host the Shangri-La Hotel, adjacent to Rosen’s iconic Seagram Building at 375 Park Avenue, is in [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify"><a href="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/610-lexington-avenue.jpg"><img class="aligncenter size-full wp-image-1058" src="http://www.newyorkshortsaleexperts.com/wp-content/uploads/2012/01/610-lexington-avenue-e1326541103568.jpg" alt="" width="479" height="363" /></a></p>
<p style="text-align: justify">RFR Holding’s Aby Rosen is ready to buy back the $144 million note at 610 Lexington Avenue for a discounted price, sources familiar with the matter said.</p>
<p style="text-align: justify">The property that sits vacant for some time now was slated to host the Shangri-La Hotel, adjacent to Rosen’s iconic Seagram Building at 375 Park Avenue, is in contract to RFR Holding.</p>
<p style="text-align: justify">The project was hit hard by the foreclosure crisis. Its story begins in 2007 when RFR borrowed $144.2 million from the now bankrupt Lehman Brothers to build the 64-story hotel development at the corner of Lexington Avenue and 53rd Street. When the lender filed for bankruptcy, and the financial crisis hit the country as a result, the project was stalled. First Lehman transferred the loans to ING Retail Estate Finance in November 2008, as the city property records show. Then in 2009 Shangri-La stepped back from the project and two months later, ING filed to foreclose on the loan.</p>
<p style="text-align: justify">What sources say is that RFR Holding is ready to buy the note for $75 million, but its Aby wasn’t the only developer interested in owning the stalled project.</p>
]]></content:encoded>
			<wfw:commentRss>http://www.newyorkshortsaleexperts.com/2012/01/14/rfr-holding-plans-to-buy-a-144-million-note-at-610-lexington/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
	</channel>
</rss>

