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]

Lev Leviev (left) and the former New York Times Building

A private equity firm that helped fund the $525 million purchase by Lev
Leviev’s AFI USA of the former New York Times Building in 2007 is
accusing the buyer of scheming to wipe out the lender’s $79 million
mezzanine position. The mezzanine lender, Stamford-based Five Mile Capital Partners,
charged in a 30-page breach of contract lawsuit that AI Holdings (USA),
a subsidiary of AFI USA, is overstating a loss in value of the building
to trigger a technical default that would permit the senior lender,
Banco Inbursa of Mexico, to foreclose on the property. The property value was marked down from $690 million following the
purchase to $315 million as of December 2008, the filing says, creating
the event of default.  More

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