Developer Peter Moore and 465 Washington Street

Developer Peter Moore is facing a $4.7 million foreclosure suit after allegedly defaulting at a residential loft project at 465 Washington Street in Tribeca.

VFC Partners, an affiliate of Waco, Texas-based First City Servicing, filed suit Feb. 17 in New York State Supreme Court.

Moore’s predecessor, an entity called Washington Lofts, took out a $2.85 million loan at the building in 2004. By February 2006, Moore acquired the building from Washington Lofts for $6.5 million and agreed to pay the unpaid balance, according to the complaint. He currently owes about $2.5 million on the loan.

The developer planned to convert the upper floors of the five-story building into residential lofts, according to analysts and records obtained through PropertyShark.com. [more]

189 Bridge is now partly rental

From the November issue: Like many other development firms, the Clarett Group rode the wave of
the real estate boom expertly, building successful condos in Manhattan
and other markets across the country. Like a host of other developers,
however, the company hit a damaging riptide in Downtown Brooklyn. A few
months ago, Clarett’s condo, the Forté, went back to its lender,
Eurohypo AG. The move was the most boldface example thus far of the
difficulties developers have encountered selling condos in Downtown
Brooklyn, generally defined as the section of the borough bounded by
Nassau Street to the north, Ashland Place to the east, Schermerhorn
Street to the south and Court Street to the west. That catch zone
encompasses several micro-neighborhoods, including the western edge of
Fort Greene. Several big developers are feeling pain in the saturated
area, which has been generating a lot of attention lately because three
new luxury rental towers are preparing to launch. [more]