The Real Deal New York

Creditors sell developer’s West Side properties

November 02, 2010 02:30PM

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David Schechtman and 39-41 West 23rd Street (building photo: PropertyShark)

Two West Side properties are now on the market after the developer failed to pay back its lenders. Real estate company Horizen Global had to return its boutique hotel, now known as Ink48, on 11th Avenue to its creditors, Crain’s reported. Eastern Consolidated is selling mortgage loans on a development parcel at 39-41 West 23rd Street, which is currently being used as a parking lot. The loans are being sold on behalf of U.S. Bank National Association and are valued between $24 million to $25 million (note: correction appended), according to David Schechtman, a principal at Eastern Consolidated, who is selling them with colleagues Eric Anton and Ronald Solarz. Schechtman predicts that there will be interest on the value of the site because of its location in the Flatiron district, and an overall rise in the price of development sites. Recent trends indicate that the market for development sites is starting to recover. According to Massey Knakal Realty Services, the number of such sales nearly tripled in Manhattan in the first nine months of this year from the same period last year. [Crain's]

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