Victor Homes set to take control of failed Madison Square Park hotel site

TRD New York /
Apr.April 26, 2011 08:48 AM

New Jersey-based developer Victor Homes expects to take control of the failed Madison Square Park hotel project at 241 Fifth Avenue in a foreclosure auction tomorrow, clearing the way for a change of plans at the stalled site, according to the Wall Street Journal. As The Real Deal reported earlier this month, Victor Homes purchased $32 million in debt on the property at a discounted price of $20 million and has been planning to turn the project into a 48-unit condominium.

The site currently contains a four-story commercial building, which the owners — an investment group led by Daniel Shavolian, Al Cohen and Jack Hazen — had once planned to demolish and replace with a 100-room boutique hotel. They had purchased the property for $26.5 million in 2007 but never began construction and later defaulted on their $22.75 million loan from Inland Mortgage Capital. Inland filed to foreclose in 2009. The developer’s new plans for the site call for a 20-story residential building with one-, two-, three- and four-bedroom units. Pricing has yet to be finalized, but three-bedrooms would probably ask between $2 million and $2.5 million, according to Victor Homes’ Ran Korolik. Work is slated to begin in July. [WSJ]


Related Articles

arrow_forward_ios
Manhattan’s luxe resi market saw 13 contracts last week: Olshan

Manhattan’s luxe resi market saw 13 contracts last week: Olshan

Premier buying three NoMad buildings, LES retail condo

Premier buying three NoMad buildings, LES retail condo

Victor Group buys $35M NoMad commercial building

Victor Group buys $35M NoMad commercial building

281 Fifth Avenue

Victor Homes, Lend Lease file plans for 52-story condo at 281 Fifth

Lend Lease lands stake in proposed condo tower at 281 Fifth

Lend Lease lands stake in proposed condo tower at 281 Fifth

Victor Homes pitching NoMad tower to EB-5 investors: report

Victor Homes pitching NoMad tower to EB-5 investors: report

Victor Homes buys NoMad buildings in wake of failed suit

Victor Homes buys NoMad buildings in wake of failed suit

JTRE buys retail condo at Victor Homes’ 241 Fifth Avenue

JTRE buys retail condo at Victor Homes’ 241 Fifth Avenue

arrow_forward_ios