Sherwood takes control of Balazs property


From left: Andre Balazs, Jeffrey Katz and 500 W. 21st St. (building photo source: PropertyShark)

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After an investment group led by hotelier Andre Balazs and developer Charles Blaichman defaulted on its mortgage on a development site at 500 West 21st Street on the corner of 10th Avenue, the property has been taken over by a new group, Sherwood Equities, according to the Wall Street Journal. The original investors had planned to turn the High Line Park-adjacent property into a time share hotel when they bought it in 2007 for $50 million. Sherwood, the developer behind the Renaissance Hotel in Times Square, plans to turn the site into a condominium. Jeffrey Katz, CEO of Sherwood, which bought the $24 million mortgage on the property prior to beginning foreclosure action, said his company will wait for the market to stabilize before beginning construction. [WSJ]

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Sherwood takes control of Balazs property


From left: Andre Balazs, Jeffrey Katz and 500 W. 21st St. (building photo source: PropertyShark)

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

After an investment group led by hotelier Andre Balazs and developer Charles Blaichman defaulted on its mortgage on a development site at 500 West 21st Street on the corner of 10th Avenue, the property has been taken over by a new group, Sherwood Equities, according to the Wall Street Journal. The original investors had planned to turn the High Line Park-adjacent property into a time share hotel when they bought it in 2007 for $50 million. Sherwood, the developer behind the Renaissance Hotel in Times Square, plans to turn the site into a condominium. Jeffrey Katz, CEO of Sherwood, which bought the $24 million mortgage on the property prior to beginning foreclosure action, said his company will wait for the market to stabilize before beginning construction. [WSJ]

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