The Clarett Group has ceded control of the Forte Condominium at 230 Ashland Place to Eurohypo Bank, which now controls 72 of the long-struggling building’s 108 units. The $42.3 million deed transfer was recorded last week. The deal, originally reached in April, closed a few weeks ago, Brownstoner reported. [more]

Between the thousands of condominium developments in various stages of development and the reduction in sales volume, it is not surprising to learn that lenders are taking back the keys for high-rise condo projects or forcing developers to turn their condos to rentals. During the first week of the month, Fortress Investment Group took over the defaulted mortgages and acquired possession of the Sheffield 57, the condo conversion of the 50-story building at 322 West 57th Street. The property was purchased in 2005 for $418 million by a partnership of Kent Swig, Yair Levy and Serge Hoyda.  [more]