Cardinal's Trevor Stahelski and 654 Broadway

A 19,929-square-foot residential building at 654 Broadway will hit the auction block March 7, according to data from PropertyShark.com, after the lender filed to foreclose on a $12 million loan made to its developer in 2007.

The six-story loft-style property on Broadway between Bleecker and Bond streets has 17,079 square feet of residential space, 2,900 square feet of retail and sits on a 3,700-square-foot lot. The retail component of the building is currently leased by footwear store Shoe Mania. Calls to Shoe Mania were not immediately returned. [more]

From left to right: Kent Swig, Yair Levy, Harry Macklowe and Aby Rosen could be personally liable to lenders.

From the November issue: Contrary to popular belief, commercial lenders did not throw out all of their standards in the recent cycle of easy credit.
When developer Aby Rosen structured his $133 million loan for the
acquisition and development of the Shangri-La hotel at 614 Lexington
Avenue in April 2007, the mortgage document included a personal
guaranty to cover losses in the event of a default. Similarly, when Kent Swig negotiated $49 million in loans with
Lehman Brothers Holdings to develop a hotel and condo project at 45
Broad Street in the Financial District in 2006 and 2007, the bank
demanded a similar guaranty in the mortgage documents.
And other big-time borrowers such as developer Yair Levy and
investor Steven Elghanayan have made the same types of commitments to
convince banks to make loans on their projects. [more]