Trevor Davis
The $25 million loan on an empty parcel at the corner of 65th Street and Lexington Avenue is on the market, according to Crain’s, after developer Trevor Davis’ plan to build a 17-story condominium there fell through. Davis had begun excavation on the site but defaulted on the loan last year and failed to work out an agreement with lenders. Grubb & Ellis is marketing the loan, which had first been valued at $17 million — the $25 million balance comes from overdue charges and interest. Another recent project by Davis, the five-unit 1055 Park Avenue condominium, has also faced challenges recently. The developer recently hired a third marketing team to manage sales at the building, after a year of no sales. [Crain’s]