The Real Deal Miami

Gramercy Court condo foreclosure auction brings meager results

December 30, 2009 03:19PM

Another busted condo project has sold for a pittance in a Palm Beach County foreclosure auction, drawing the $100 minimum bid. The 2.7-acre waterfront site of the failed Gramercy Court condominium project at 2501 N. Flagler Drive was purchased by an assignee of Bank of America. In October, the bank won a $19 million foreclosure judgment in Palm Beach County Circuit Court against developer Gordon Deckelbaum’s company, Premier Flagler. Deckelbaum, also known for building Palm Beach’s Bellaria complex, said it became impossible to record preconstruction sales in an oversaturated market. Its most expensive units were to be listed for between $1.7 million and $3.5 million, and only a handful of contracts were ultimately signed for what was to be a 155-unit building. [Palm Beach Post]