David Schechtman of Eastern Consolidated and 2300 Cropsey Avenue
A Swedish bank that holds dozens of former Lehman Brothers Holdings notes has retained commercial brokerage Eastern Consolidated to market the defaulted mortgage on a prospective Brooklyn development site owned by developer Alexander Gurevich, Eastern broker David Schectman, who is handling the listing, confirmed to The Real Deal today. [more]
Foreclosure is nearing on Aby Rosen and Michael Fuchs’ 610 Lexington Avenue development site, where they and their partners had planned to build a Shangri-La hotel tower. According to Crain’s, the group has failed in their an attempt to re-argue a case they had lost, which clears the way for lenders ING Real Estate Finance and Swedbank AB to foreclose. In that case, they had argued that their obligation to repay their $130 million-plus loan should be suspended until market conditions improve, and alleged a conflict of interest between lender ING and ING Clarion, which was advising one of their development partners. [more]
A Swedish bank that holds dozens of former Lehman Brothers Holdings
notes is foreclosing on nearly $38 million in loans secured by one of
those properties where developer Alexander Gurevich hoped to build a
75-unit condominium project near the United Nations, court papers show.
Swedbank AB sued Gurevich’s East 46th Borrower in New York
State Supreme Court June 26 to foreclose on the acquisition, building
and project loans totaling $37.8 million, the filings show. The suit
also names six construction-related firms that have filed a total of
$4.675 million in mechanic’s liens on the property. In
December, the loans on the planned 18-story condo at 313-317 East 46th
Street between First and Second avenues in Turtle Bay were transferred
from Lehman Brothers to Swedbank, an international lender based in
Sweden, with offices in New York, the filing says. Progress at the site
stalled last fall, and on October 31, the loan went into default, the
complaint says. [more]
The lenders for the Midtown development where Aby Rosen’s RFR Holding
was slated to build Shangri-La Hotel, New York, have filed to foreclose
on $144.2 million in loans and fees used to buy, plan and develop the
site, court records say. ING Real Estate Finance and Swedbank sued to foreclose on the loan to
Park Avenue Hotel Acquisition, a company registered at the address of
developer Aby Rosen’s RFR Holding, which was slated to develop the
Shangri-La Hotels and Resorts’ tower at 610 Lexington Avenue, at 53rd
Street. The borrower was unable to refinance its loan by an April 8 deadline,
and so ING determined the loan was in default on June 15, the filing
says. [more]
