The Real Deal New York

Anglo Irish to unload Setai Wall Street loan

November 29, 2010 09:26AM

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In a continued effort to unload its New York City real estate holdings, the battered Anglo Irish Bank is selling its $147 million defaulted construction loan on the Setai Wall Street condominium, the Wall Street Journal reported. The 34-story converted office building by Zamir Equities was completed earlier this year and is around 50 percent sold; 40 percent of the units have closed and another 10 percent are in contract, despite many buyers having backed out of their contracts due to construction delays, according to the developer. But the attorney general’s office has put a temporary stop to closings while it seeks more information about the financing situation at the 40 Broad Street property, which is also facing a lawsuit from the Setai Group brand over allegedly substandard quality. (The Setai Group’s more recent lawsuit over branding at the Setai Fifth Avenue is unrelated). Holliday Fenoglio Fowler is handling the debt sale, for which the bidding deadline is tomorrow. [WSJ]

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