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

TRD 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.

 

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