Core CEO Shaun Osher and the site at 15 Renwick Street

New York-based residential real estate firm Izaki Group Investments USA has taken control of a development at 15 Renwick Street in partnership with real estate investment firm Glacier Global Partners, it announced, following a foreclosure auction on the Soho property yesterday. It has tapped residential brokerage Core to head sales at the property.

The partnership is planning a boutique condominium development on the site and plans to break ground this fall, Izaki said; Core will oversee sales at the property as well as another luxury condo project at 93 Worth Street, which will feature 90 apartments, six penthouses and 10,000 square feet of commercial space. [more]

Original rendering for 15 Renwick Street

A 4,523-square-foot development site at 15 Renwick Street in Soho, approved for a 65,000-square-foot, 12-story luxury building with 44 condominium units, is set to hit the foreclosure auction block May 23, according to data from PropertyShark.com, but the current owner of the property, Harry Jeremias of the Harch Group, will not be left out in the cold.

Having faced a foreclosure lawsuit in 2010 from U.S. Bancorp for allegedly defaulting on a $55.3 million loan to develop a condominium on the site, embattled Harch Group founder Jeremias reached out to diversified real estate investment firm Glacier Global Partners in 2011 to become an equity partner in order to reposition the debt. [more]

Real estate investment firm Petra Capital Management is expected to take control of the unfinished Ismael Levya-designed condominium conversion in Murray Hill at 114 East 32nd Street at a foreclosure auction today, Crain’s reported. Petra loaned $95 million to developer and Harch Group founder Harry Jeremias for the conversion, but later filed to foreclose in 2009.

As The Real Deal previously reported, Jeremias, who is also president of PHH Realty, originally purchased the former office building from Parklex Associates in May 2006 for $53 million. He then borrowed $93.75 million from Petra Mortgage Capital in February 2007. [more]

A rendering of the Renwick

Nearly two years after defaulting at the Jasper condominium, Harch Group’s founder, Harry Jeremias, is facing a foreclosure lawsuit from U.S. Bancorp for allegedly defaulting on a $55.3 million loan to develop the Renwick condominium in Soho. U.S. Bancorp, in a Sept. 14 lawsuit filed in New York State Supreme Court, claims that it agreed in August 2007 to loan the money to Jeremias and Harch for the Renwick, a 44-unit condo at 15 Renwick Street, which stalled out.
The lender says that after advancing $24.1 million to Harch, the loan fell “out of balance,” meaning the outstanding balance of the loan was insufficient to complete the project; therefore, U.S. Bancorp demanded a $1 million to bring the loan back into balance, according to the complaint. [more]