Noho building to hit foreclosure auction block

New York /
Feb.February 02, 2012 11:00 AM

A 19,929-square-foot residential building at 654 Broadway will hit the auction block March 7, according to data from PropertyShark.com, after the lender filed to foreclose on a $12 million loan made to its developer in 2007.

The six-story loft-style Property On Broadway between Bleecker and Bond streets has 17,079 square feet of residential space, 2,900 square feet of retail and sits on a 3,700-square-foot lot. The retail component of the building is currently leased by footwear store Shoe Mania. Calls to Shoe Mania were not immediately returned.

The property was purchased by 654 Broadway Partners in August 2007 for $12.6 million and currently has an outstanding lien of $14.48 million.

CIT Group, the lender for the project, filed to foreclose on the loan in September 2009, claiming that the developer, an affiliate of Cardinal Real Estate Investments, has missed a total of $890,603 in mortgage payments since November 2008.

Cardinal planned to convert the five upper floors to residential condos and the ground-floor retail space to a commercial condo, The Real Deal previously reported.

CIT claimed that two Cardinal execs — Kyle Ransford, company co-founder, and Trevor Stahelski, New York manager — had personally guaranteed the loan but had not honored the arrangement.

The auction will take place at 60 Center Street next month, according to PropertyShark.com.

Neither Cardinal nor CIT were immediately available for comment. – Katherine Clarke


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