Foreclosed Hudson Blue bought for $8.4M

The lender of stalled luxury condominium Hudson Blue has sold off the partially built property for $8.4 million, according to Crain’s. After foreclosing on the property this past summer, CapitalSource Bank, which held an $18.9 million lien on Hudson Blue, located at 423 West Street between West 11th Street and Perry Street, began marketing the building. The 10-story building’s buyer, the Sabet Group, will have to spend more to finish the 80-percent complete condominium, but did receive a significant bargain: the building sold for roughly $855 per sellable square foot. Hudson Blue, which once attracted famous homebuyers like Leonardo DiCaprio, first began marketing units in 2005. At the time, the condo was marketing one-bedroom units for $2.1 million and three-bedroom homes for $4.1 million. Former developer Horizen Global first defaulted on Hudson Blue’s loan in 2008. [Crain’s]