The Real Deal New York

Posts Tagged ‘horizen global’

  • Foreclosed Hudson Blue bought for $8.4M

    December 20, 2010 03:02PM

    The lender of stalled luxury condominium Hudson Blue has sold off the partially built property for $8.4 million, according to Crain’s. After foreclosing on the property this past summer, CapitalSource Bank, which held an $18.9 million lien on Hudson Blue, located at 423 West Street between West 11th Street and Perry Street, began marketing the building. The 10-story building’s buyer, the Sabet Group, will have to spend more to finish the 80-percent complete condominium, but did receive a significant bargain: the building sold for roughly $855 per sellable square foot. Hudson Blue, which once attracted famous homebuyers like Leonardo DiCaprio, first began marketing units in 2005. … [more]

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  • Two West Side properties are now on the market after the developer failed to pay back its lenders. Real estate company Horizen Global had to return its boutique hotel, now known as Ink48, on 11th Avenue to its creditors, Crain’s reported. Eastern Consolidated is selling mortgage loans on a development parcel at 39-41 West 23rd Street, which is currently being used as a parking lot. The loans are being sold on behalf of U.S. Bank National Association and are valued between $24 million to $25 million (note: correction appended), according to David Schechtman, a principal at Eastern Consolidated, who is selling them with colleagues Eric Anton and Ronald Solarz. Schechtman predicts that there will be interest on the value of the site because of its location in the Flatiron district, and an overall rise in the price of development sites. … [more]

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  • Hudson Blue goes to lender at auction

    August 05, 2010 10:00AM

    Hudson Blue, the tony 10-story West Village condominium with Hudson River views that once caught the eye of Leonardo DiCaprio, fell into the hands of its lender at a foreclosure auction yesterday when no other bidders emerged. CapitalSource Bank, which filed to foreclose on the property more than two years ago, told the Wall Street Journal that it still plans to find a buyer to take the troubled development at 423 West Street off its hands. Sales at Hudson Blue originally launched in 2005, offering full-floor, one-bedroom apartments for between $1.9 million and $2.5 million. DiCaprio was reportedly a taker at one point for two such units, but he never closed on the deal: developer Horizen Global never sold enough units for the building’s offering plan to be declared effective by the New York attorney general’s office. Brokers said the units were difficult to move because of low ceilings and few exposures coupled with high prices. In March 2008, Sotheby’s International Realty put the entire building on the market for $25 million, later slashing the price for $21 million before CapitalSource moved to foreclose. In the auction, the bank, which has a $18.9 million lien on the property, bid $6.8 million. [WSJ]

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