The Real Deal Miami

Horizon, Mellon buildings in WPB hit with $22.4M foreclosure suit

July 26, 2010 03:00PM

The Mellon Building in West Palm Beach

The owners of the adjacent Horizon and Mellon buildings in West Palm
Beach — companies controlled by New York real estate mogul Aby Rosen
— have been hit with a $22.4 million foreclosure lawsuit by a
commercial mortgage-backed securities fund. The 125,504-square-foot
Mellon Building, plus its 136,644-square-foot parking garage, were
purchased for $17.6 million in 2006. The Horizon Building contains
70,185 square feet of office space and a 74,088-square-foot garage.
Rosen’s company purchased the Horizon Building for $10.7 million, also
in 2006. Rosen himself is not named in the complaint. Together, the
buildings were 81 percent occupied as of September and their revenue
was on the decline, according to Trepp. The owners have not made a loan
payment since November, though they requested a loan modification,
Trepp said. [SFBJ]