Distressed UES mortgage up for grabs

David Schechtman

A mortgage on three adjacent Upper East Side apartment buildings with a balance of roughly $13 million has hit the market in a possible sign that banks are warming to the prospect of unloading their distressed debt, according to Crain’s. Eastern Consolidated has been hired to market the mortgage, currently held by Brooklyn Federal Savings. Principal David Schechtman said the site’s redevelopment potential should draw a number of interested buyers. The buildings are located on First Avenue and 89th Street and contain a combined 22,500 square feet, but current zoning allows for up to 59,000 square feet on the site — or up to 74,000 if affordable housing is involved in the project. Brooklyn Federal filed a foreclosure suit against current landlord Uri Foxbrunner earlier this month. [Crain’s]

Sign Up for the undefined Newsletter