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New York

Two Manhattan condo projects face foreclosure

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Two more boom-era Manhattan projects are headed to foreclosure as the residential development sector continues to get hit. The first, a 22-unit condominium project at 523 Greenwich Street, is headed to a March 10 foreclosure auction with a $17.3 million lien, Curbed reported. The second, a planned 33-story property at 176 Madison Avenue with a $29 million mortgage, has been hit with a lis pendens. The Frank Williams-designed tower is slated to have 69 apartments, marketed by Ilan Bracha of Prudential Douglas Elliman at roughly $2,000 per square foot, and a boutique hotel. [Curbed]