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New York

Foreclosure auction for 5 Franklin Place 

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A Tribeca residential condominium at 5 Franklin Place is heading for a foreclosure
auction Sept. 12, Curbed reported. The building was purchased for $36.6 million in 2006 by an LLC called Franklin Place, which planned to build a 20-story 55-unit condo on the lot. But the development stalled, and during the depths of the recession the building was put on the market for $19.5 million, Curbed reported at the time, but never sold. In 2009, The Real Deal reported that the owners went to court with the building’s exclusive marketing team, Corcoran Sunshine Margeting Group, over unpaid expenses. Finally, Glacier Global acquired the
mortgage in December 2010, and the property now has a lien of
$47.04 million. According to Curbed, the mortgage note holders hope to
get ownership of the site through the auction. Glacier Global had
planned to keep the project a condo, but tamp down the initial Ben van
Berkel design. The 3,749-square-foot lot currently holds a five-story structure, but is zoned with an F.A.R. of 10, which allows for 37,490 square feet, PropertyShark.com shows. [Curbed]