The vacant lot at 75 Schermerhorn Street (credit: PropertyShark.com)
A 17,227-square-foot development site at 75 Schermerhorn Street in Downtown Brooklyn is slated to hit the foreclosure auction block May 24, according to data from PropertyShark.com, after its owner and developer PLC Partners defaulted on its mortgage on the property. The outstanding lien on the site is $25.81 million, approximately $3 million more than the amount PLC paid for the parking lot site in 2007. [more]
After drifting on the market since it was first listed in 2008, the Henry T. Sloane mansion at 18 East 68th Street, between Madison and Fifth avenues, is hitting the auction block June 22, according to the New York Times.
The residence, which boasts more than 30 rooms and Beaux-Arts touches, has been bounced back and forth between brokerages and the asking price has gone from $64 million to the current asking price of $37.9 million. If the mansion had sold for $64 million in 2008, it would have been the most expensive single residence sold in New York’s history.
The current owner, an investment group managed by banker Joseph Ingrassia, has defaulted on more than $28 million in loans. The group bought the property for $20 million from an owner listed under a limited liability company. That company purchased it for $7.6 million in 2003.
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Tiger Woods’ struggles aren’t the only thing putting a damper on golf’s success. According to the Wall Street Journal, players continue to abandon the sport and that has reverberated to the real estate auction market, as a 180-acre golf club, with an 18-hole course, eight tennis courts and three swimming pools in Woodbridge, Conn. is set to be auctioned May 10. The Oak Lane Country Club is down to about 200 members and with nearby clubs competing on price there wasn’t enough revenue to support the club, according to the Tranzon Integrated Property Group auction house, and it was about to default on its mortgage…. [more]
Bid on the City, a Manhattan-based online real estate auction company, is slated to launch in Miami this week, the company announced today. The company said it expects to have the site go live tomorrow. Bid on the City, which was founded in April 2009, launched in the Hamptons in January 2010 for rentals. The Miami site will feature both sales and rental listings (note: correction appended). Vlad Sapozhnikov, general manager of Bid on the City, said that he saw a specific need for this expansion. “Today’s economic climate has created a demand for a fast, efficient and transparent way to rent and sell property,” Sapozhnikov said. TRD… [more]
Embattled developer Yair Levy and his son-in-law Daniel Deutsch are facing a $20 million lawsuit from unit owners at the Rector Square condominium, alleging they failed to complete construction and pay common charges as well as illegally converted funds at the property, all before the building was foreclosed on by Anglo Irish Bank.
The suit, filed Dec. 13 in New York State Supreme Court, claims that residents of the 304-unit building, at 225 Rector Place, have been unable to refinance, sell or get approval for any financial transactions at the building due to Levy defaulting on nearly $165 million in loans at the building, which led to the 2009 foreclosure…. [more]
A state Supreme Court judge ruled today that Attorney General Andrew Cuomo can proceed in his civil suit against developer Yair Levy, who is facing banishment from future condominium unit sales after he allegedly misappropriated millions of dollars from the Rector Square reserve fund.
Cuomo sued Levy, alleging that the man formerly known as the “condo king” illegally withdrew $1.6 million in reserve funds at the 303-unit building in Battery Park City, and signed over checks to family, while using the money to pay credit card bills at Macy’s and Verizon Wireless.
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With the steady stream of distressed residential properties in New York City, foreclosure auctions have dominated recession-era headlines. But auctions at non-distressed properties have also gained prominence throughout the recession, especially among developers looking to unload remaining units in a new project.
But with many industry experts ready to tie auctioneers’ success to antsy sellers and developers, some wonder whether they can sustain momentum in a slowly stabilizing market, as auctioneers try to evade the stigma that pigeon-holes their business as a “last-ditch” approach to sales.
Misha Haghani, co-founder and a principal at real estate auction company Paramount Realty USA, said he’s optimistic that this market is a turning point for the industry, with more sellers viewing auctions as a viable sales tactic.
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Anglo Irish Bank acquired unsold shares of Rector Square, the troubled Battery Park City condominium, during a public auction at the New York state Supreme Court this afternoon, with a winning bid of $82.75 million.
Anglo Irish, the senior lender at the 304-unit building at 225 Rector Place, plans to resell the building to new investors, according to the bank’s attorneys, who explained that the bank wanted to make sure the property had stable ownership going forward.
“The bank invested so much in [the building] that it’s interested in seeing that the building finds a good home,” said Herrick Feinstein attorney Chris Sullivan, who represented Anglo Irish in its foreclosure case against the property…. [more]
While many parts of the nation are seeing a decrease in the number of mortgage defaults and other home loan-related distress, southeastern Queens is continuing to see its rate of foreclosures rise, according to Crain’s. The region, which has long ranked as one of the worst in the nation in foreclosures, is continuing to see the number of homeowners in distress climb. Foreclosure rates in some of southeastern Queens’ most badly hit areas climbed as much as 80 percent month-over-month in August, according to RealtyTrac data…. [more]
Auctioneer Real Estate Disposition has scored a Hamptons beach house foreclosure auction. The 3,000-square-foot Montauk home will hit the block next week, according to the Wall Street Journal, in a region that has remained relatively immune from the foreclosure crisis. The three-bedroom, four-bathroom home was sold for $1.28 million in 2006 and has a starting bid of $379,000. This is the auction company’s first Hamptons-area foreclosure listing, according to a spokesperson, out of the more than 27,500 properties auctioned so far this year across the country. [WSJ]
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