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Investor group files for bankruptcy on West Village townhouses
The rental properties are netting an estimated revenue of just $17 per month: records
UPDATED, Nov. 7, 5:18 p.m.: A group of investors who got in over their heads on a pair of Greenwich Village rental properties filed for bankruptcy Wednesday.
The investors bought the federal-style townhouses at 133 and 135 West 13th Street in 2008 for a combined $9.2 million in 2008.
But in 2011 their lender, Village Realty Holdings, brought a foreclosure case against the properties claiming the investors owed a balance of more than $8 million. The investors put the property on the market for $15.9 million, but couldn’t find a buyer.
On Thursday the investment group, including art collector Max Dolgicer, filed for bankruptcy, listing liabilities of $13.3 million.
Dolgicer wasn’t available for comment when reached by phone Thursday evening. Corcoran Group broker Daren Herzberg, who had previously represented the investors, told The Real Deal that he hasn’t been involved in the property for about four years, and has no equity stake.
According to the bankruptcy filings, the properties are netting just $17 per month in revenue. They contain a total of 12 apartments – a mix of rent-stabilized and free-market units.
The two buildings were constructed in 1890 and span a combined 9,600 square feet of interior space.
(To view more commercial sale transactions in Greenwich Village, click here)