From top: Trevor Davis, Dina Lewis and 1055 Park Avenue (building photo credit: PropertyShark)

Embattled developer Trevor Davis filed for Chapter 11 bankruptcy protection yesterday in response to a threatened sale of the $6 million mezzanine loan on the nearly complete luxury condominium 1055 Park Avenue. Davis, who owns Davis Development Holdings, filed for personal bankruptcy, claiming mezzanine lender Zimco Holdings had taken unspecified “precipitous actions,” court papers filed this week show. He listed assets of $75 million and secured debts of $50 million, including from real estate he controls through limited liability companies. [more]

1055 Park and Trevor Davis

Developer Trevor Davis reached an agreement to stop the auction of his luxury condominium building at 1055 Park Avenue and work out a deal with lenders, The Real Deal has learned.

Manhattan-based Zimco Holdings was scheduled to auction the debt at 2 p.m. today after Davis defaulted on a $6 million loan used to help complete the six-unit property. Davis filed suit in New York State Supreme Court last Friday and reached an agreement yesterday after a hearing on an injunction to stop the sale.

“The auctions have been withdrawn and we’ve come to an agreement with our lenders,” Davis told The Real Deal in a telephone interview. [more]

From left: 1055 Park, David Schechtman and Trevor Davis

An unidentified buyer snapped up $16.3 million in first mortgages on Trevor Davis’ glass-encased condominium project at 1055 Park Avenue at the corner of 87th Street in Carnegie Hill, sources said. Chicago-based lender Wrightwood Capital sold the note to a “high net-worth” individual this week, a source said. Wrightwood did not respond to a request for comment and the deal has not yet appeared in public records. The two mortgages with a combined face value of $16.3 million went for their full price, two people familiar with the deal said.

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The $25 million loan on an empty parcel at the corner of 65th Street and Lexington Avenue is on the market, according to Crain’s, after developer Trevor Davis’ plan to build a 17-story condominium there fell through. Davis had begun excavation on the site but defaulted on the loan last year and failed to work out an agreement with lenders. Grubb & Ellis is marketing the loan, which had first been valued at $17 million — the $25 million balance comes from overdue charges and interest. Another recent project by Davis, the five-unit 1055 Park Avenue condominium, has also faced challenges recently. The developer recently hired a third marketing team to manage sales at the building, after a year of no sales. [Crain's]

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From left: a rendering of 1055 Park Avenue, Prudential Douglas Elliman agents Dina Lewis and Melanie Lazenby and developer Trevor Davis

After a year with no sales, an Upper East Side condominium is hitting up a third marketing team, and slashing asking pr [more]

Trevor Davis (center), the old Kean Residence (left) and an early rendering of the proposed development (right)

Davis Development Holdings, led by investor Trevor Davis, is facing a $17 million foreclosure lawsuit from Manhattan-based Ark Real Estate Partners after defaulting on his Upper East Side condominium site at Lexington and 65th Street.

Davis, the former development partner of RFR Holding’s Aby Rosen and Michael Fuchs, missed a $94,800 mortgage payment in October and fell behind on payments to MRC Contracting, according to the suit.

The lender is now demanding a total of $19.5 million, which includes outstanding interest, principal and late charges. The lender said it reserved the right to appoint a receiver to take over the project, according to the suit, filed Oct. 26, in New York State Supreme Court. [more]

At first glance, the nearly completed 1055 Park Avenue, on the southeast corner of 87th Street, looks like a stunt. Designed by the worthy firm of Kohn Pedersen Fox for developer Davis Development Holdings, the building confronts the avenue as an almost imperceptible sliver of glass appended to the sturdily pre-war structure that is 1049 Park Avenue. Scarcely the width of a townhouse, the 20-foot-wide building at 1055 Park Avenue nevertheless rises up 12 stories. At this late date, the changes that will be permitted on this illustrious avenue are minimal. Park Avenue has just about all the buildings it can handle, and those that are up are not going anywhere. The only remaining possibilities for new development, therefore, are interstitial spaces like 1055 Park Avenue, where previous occupants were often two-story structures that somehow survived into the modern age and are now being torn down in the name of profit. See the building after the jump.  [more]