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

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]