Vornado picks up Tribeca building in auction for $8.2M

TRD New York /
Sep.September 22, 2011 08:51 AM

Vornado Realty Trust bought a discounted five-story Tribeca building in an auction yesterday for $8.2 million, Crain’s reported, outbidding at least five other interested parties.

Bidding for the 14,545-square-foot property at 334 Canal Street, near Lispenard Street, started at $7 million, after lender CNBS Trust took control of the property from Mymom Realty, which purchased it for $11 million four years ago. Mymom attempted to sell it for $14.5 million in 2009.

The building has full-floor loft apartments and a 2,900-square-foot retail space.

As The Real Deal previously reported, Mymon closed on the building at the top of the market in 2007 for $11 million, purchasing it from New York City landlord Michael Marvisi, who recently leased a Tribeca townhouse at 153 Franklin Street short-term to controversial French politician Dominique Strauss-Kahn while he underwent questioning over the alleged rape of a New York hotel maid. Mymon tried to offload the Canal Street building various times as it got into financial trouble, listing it with Robert Dvorin, Ian Wolf, Young Lee and Michael Brais of Prudential Douglas Elliman. It was first listed for $14.5 million in July 2009 and was eventually taken off the market in October of that year.

The property was marketed for the auction by Newmark Knight Frank Capital Group principal David Noonan. The deal has to Be Approved By The Bankruptcy Court before it is final. The amount on the defaulted mortgage is about $13.5 million. [Crain’s]


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