Condo project facing foreclosure suit set to hit auction block

TRD New York /
Jun.June 25, 2010 03:15 PM

Six units at M127, a newly developed condo at 127 Madison Avenue between
30th and 31st streets, will be auctioned off Sunday afternoon, as The Real Deal reported last month. Five two-bedroom units are available, plus a 2,255-square-foot duplex penthouse. Developer Cardinal Investments decided to put the nine-unit development up for auction after its sales attempts failed, Crain’s said. After selling only three units in early 2008, the developer took the remaining six units off the market for a year during the recession. Last year, Cardinal Investments appeared to be illegally renting out the unsold condos in the building. The Bank of Smithtown filed a foreclosure action on the property, whose debt was valued at nearly $9 million. Sources told Crain’s that the auction was a way to help the firm work out its problems with the bank while avoiding lengthy litigation. The auction, the first of its kind in Manhattan, will be conducted by Paramount Realty at the Roosevelt Hotel in Midtown.[Crain’s]


Related Articles

Stockholm, Sweden (Credit: iStock)

Why institutional investors are now in love with Nordic real estate

111-115 West 141st Street and 148 West 141st Street (Credit: Google Maps)

Brooklyn multifamily building sale tops this week’s list of mid-market deals

Brad Zackson and 2371 Exterior Street (Credit: Google Maps)

Brad Zackson deal included in this week’s mid-market investment sales

Clockwise from left: 23 Peck Slip, 535 Zerega Avenue in Castle Hill, and 1181 Sherman Avenue in the South Bronx with Mark Gjonaj (Credit: Google Maps, Facebook)

Bronx pol has two connections to our weekly deals list

Clockwise from top left: 114 Ridge Street, 780 East 135th Street, 30 Hudson Yards and 1274 Flushing Avenue (Credit: Google Maps)

What’s this Utah biz doing in NYC? Topping our I-sales list

From left: 86-08 Queens Boulevard, 169 First Avenue and 3540 Decatur Avenue (Credit: Google Maps)

Raymour & Flanagan purchase tops week’s mid-market investment sales

19-40 Hazen Street in Queens (Credit: Google Maps)

Art gallery linked to lone mid-market sale in NYC this week

Clockwise from top left: 37 Perry Street, 595 Broadway, 1424-1428 Lexington Avenue, 204 Fourth Avenue and 93 North Ninth Street (Credit: Google Maps)

Gowanus trade biggest of six mid-market investment sales this week