The young developers Justin and Cobby Gorjian are foreclosing on a boutique Harlem condo. Having acquired the note on the property last year, the brothers — sons of Gorjian Properties founder Gideon Gorjian, a developer of 75 Wall Street — plan on taking title to the property, at 220 St. Nicholas Ave., and turning it into a rental.
The Central Harlem condo is slated to hit the foreclosure auction block November 29 with an outstanding lien of more than $12 million, according to PropertyShark.com, but the brothers, working independently of Gorjian Properties as Gorjian Real Estate Group, don’t think there will be much interest from other investors. “We don’t think the property is worth as much as we’re owed,” Justin Gorjian, 27, told The Real Deal. [more]