Sixth Avenue site heads to foreclosure auction

Development activity has abounded in recent years along Sixth Avenue south of Herald Square, except at 815 Sixth Avenue where a stalled site has hit another roadblock. Curbed reported the site is entering foreclosure auction Nov. 9 with a lien of more than $27.1 million.

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Adellco purchased the 3,823-square-foot lot at 28th Street in 2005 for $19.8 million with plans to build an ultra-slim Costas Kondyllis-designed condominium named Remy that included an Aloft hotel. However the plan stalled at the outset of the recession, and the firm defaulted on a $22 million loan, which was picked up by Lexin Capital in March of this year, according to previous reports. [Curbed]

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