$48M note on Jeremias’ foreclosure building in contract, sources say

216-218 West 18th Street

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The $48 million note on 216-218 West 18th Street has entered contract with an unknown Israeli buyer, according to the New York Post. The buyer of the note is receiving a 7 percent discount, sources say. The building is in the middle of foreclosure proceedings by Bank of America, after developer Harry Jeremias, founder of the Harch Group, was slapped with a foreclosure suit in October 2009. Jeremias, who bought the building for $50 million in April 2007, intends to challenge the sale, according to attorney Stephen Meister, who is representing Harch. “It’s not over and we are still fighting,” Meister said. “I will be fighting against whoever buys the mortgage.” [Post, 1st item]