Condo at Davis’ 1055 Park in contract for less than lender minimum

TRD New York /
Jan.January 31, 2011 09:56 AM

The first of Trevor Davis’ five glassy condominiums at 1055 Park Avenue has gone into contract for under $4 million, or less than half of its original, $9.3 million asking price, according to the Wall Street Journal. That works out to less than $1,850 per square foot, which brokers consider to be a distressed price for that East 87th Street location. The price is also $1 million less than the minimum sales price set by lenders in mortgage documents signed last year. Davis, who filed for bankruptcy protection last month and is facing a foreclosure suit at his own 5,623-square-foot apartment at the Empire, has been struggling financially with the project for years. Construction stalled for 10 months in 2009 after a lender cut off funding amid a dispute, and was restarted after Davis put in $4 million of his personal funds and obtained a second, $6 million loan. Meanwhile, Davis said “the building has momentum,” with several other offers now on the table for its duplex and triplex units. [WSJ]


Related Articles

arrow_forward_ios
Trevor Davis’ 1055 Park Avenue nearly all sold out

Trevor Davis’ 1055 Park Avenue nearly all sold out

Trevor Davis’ 1055 Park Avenue nearly all sold out
Court permits Trevor Davis to sell condos at 1055 Park Avenue

Court permits Trevor Davis to sell condos at 1055 Park Avenue

Court permits Trevor Davis to sell condos at 1055 Park Avenue
Davis asks court to approve condo sales at 1055 Park

Davis asks court to approve condo sales at 1055 Park

Davis asks court to approve condo sales at 1055 Park
949 Park Avenue is glassy, but appropriate

949 Park Avenue is glassy, but appropriate

949 Park Avenue is glassy, but appropriate
Creditor urges judge to allow sales at Trevor Davis project

Creditor urges judge to allow sales at Trevor Davis project

Creditor urges judge to allow sales at Trevor Davis project
Trevor Davis files for Ch. 11 bankruptcy

Trevor Davis files for Ch. 11 bankruptcy

Trevor Davis files for Ch. 11 bankruptcy
Davis’ 1055 Park no longer going to auction

Davis’ 1055 Park no longer going to auction

Davis’ 1055 Park no longer going to auction
Trevor Davis heads to court to stop 1055 Park Avenue foreclosure

Trevor Davis heads to court to stop 1055 Park Avenue foreclosure

Trevor Davis heads to court to stop 1055 Park Avenue foreclosure
arrow_forward_ios

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

Loading...