Hip-hop exec Damon Dash sees one Tribeca condo sell in foreclosure auction, other fails

New York /
Jul.July 28, 2010 05:05 PM
Two foreclosed Tribeca condominiums belonging to hip-hop executive Damon Dash went up for auction at Manhattan Supreme Court this afternoon, one sparking a bidding war and the other landing back in the hands of the lender.

The two loft units, #3A/4A at 25 North Moore Street, also known as the
Atalanta, and #5F at 79 Laight Street, called the Sugar Warehouse, were
the subject of a 2008 foreclosure suit filed by Eastern Savings Bank.

Bids on the first, a 5,200-square-foot duplex at the Atalanta, began at
$5 million. Dash purchased the four-bedroom, four-bathroom spread for
$3.875 million in 2004 and tried unsuccessfully to sell it for $7.9
million in 2008 with the help of Brown Harris Stevens’ Wendy Maitland.

Perhaps he should have aimed lower because today, two interested parties emerged, ultimately ramping up the final sale price to $5.5 million.
The winner was Edward Farrell, a partner at the law firm Tarter
Krinsky-Drogin, who told the referee that he was bidding on behalf of
Platinum Capital. Platinum Capital representatives were present in the
courtroom but declined to comment to reporters.

The losing bid came from George Rizk, head of real estate investments
at D.E. Shaw. He was just looking for a new place to live, he told The Real Deal after court was adjourned. He currently lives a few blocks from the Atalanta in the Hubert condominium, at 7 Hubert Street.

The second unit, a 2,888-square-foot triplex at the Sugar Warehouse, was less popular, drawing only the $1,000 opening bid
from Eastern Savings Bank and none over the lender’s $3 million upset
price. Dash bought the loft for $1.807 million in 2004 and had
attempted to sell it right up until the foreclosure suit hit. First
listed for $5 million in November 2007 with Prudential Douglas Elliman
brokers Raphael and Claudine De Niro, it was pulled from the market in
August 2008, when it was asking $3.65 million, according to
Streeteasy.com.

The auction marked yet another financial mishap for Dash, who
is best known for co-founding Roc-a-Fella Records with his A-list
ex-pal Jay-Z, with whom he had a widely publicized falling out in 2005.
In the years since, Dash has collected $100,000 in federal liens
against his properties, according to the foreclosure suit by Eastern
Savings.

 

Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Kei Komuro and Princess Mako (Getty)
Beauty and the lease: ex-Japanese royal moves to Hell’s Kitchen one-bedroom
Beauty and the lease: ex-Japanese royal moves to Hell’s Kitchen one-bedroom
U.S. Senator Dianne Feinstein and the Lake Tahoe property (Getty, Realtor.com via Katrine Watson)
Dianne Feinstein finds buyer for Lake Tahoe compound after $10M price chop
Dianne Feinstein finds buyer for Lake Tahoe compound after $10M price chop
Let it be sold: George Harrison’s childhood home in Liverpool heads for auction
Let it be sold: George Harrison’s childhood home in Liverpool heads for auction
Let it be sold: George Harrison’s childhood home in Liverpool heads for auction
Jeff Gordon and the Boca Raton home (Getty, Realtor.com via Premier Estate Properties)
Jeff Gordon’s former Boca Raton mansion lists for $42M
Jeff Gordon’s former Boca Raton mansion lists for $42M
D’oh! Realtors list home from “The Simpsons”
D’oh! Realtors list home from “The Simpsons”
D’oh! Realtors list home from “The Simpsons”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...