Hip-hop exec remains underwater even as second foreclosed Tribeca apartment finally finds buyer

August 01, 2011 05:39PM

alternate
text
From left: 79 Laight Street exterior (source: PropertyShark), hip-hop exec Damon Dash and an interior photo of his apartment

A year after finding a buyer for one foreclosed Damon Dash Tribeca apartment, Eastern Savings Bank finally found a suitable taker for the hip-hop producer’s second such apartment at 79 Laight Street. Curbed, citing the Manhattan Loft Guy blog, said the 2,888-square-foot, two-bedroom, two-and-a-half-bathroom triplex was snapped up for $2.85 million.

Combine that purchase with the $5.5 million the first apartment, a 5,200-square-foot duplex in the Atalanta at 25 North Moore Street, garnered, and the bank appears to have recouped the entire $7.3 million Dash took out on the properties in 2006.

But Manhattan Loft Guy notes that the bank said it was owed nearly $9 million, and when considering the various expenses — a referee, brokerage fee, and transfer taxes — the net sum of the two sales leaves the bank more than $1 million short. And that goes without taking condominium common charges and real estate taxes into account.

Dash, who partnered with Jay-Z to launch Roc-a-Fella Records and ultimately sold his stake, bought the Laight Street property for $1.81 million in 2004 and listed it for as much as $5 million in 2007, while he bought the North Moore Street property for $3.88 million in 2004 and set the asking price at $7.9 million in 2008.

The broker on the sale, by the way, was Jason Walker of Prudential Douglas Elliman.