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Auction looms for luxury TriBeCa co-op building

Started by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
Discussion about
Auction looms for luxury TriBeCa co-op building
Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009

>> Auction looms for luxury TriBeCa co-op building
34 Leonard Street, a troubled residential conversion property, will go on the block May 5 following a foreclosure by lender iStar Financial on the 16-unit structure.
http://www.crainsnewyork.com/article/20100416/REAL_ESTATE/100419886/1059

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Response by NYC10013
almost 16 years ago
Posts: 464
Member since: Jan 2007

And it's a land lease so it's sure to fetch top dollar...

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Response by Sunday
almost 16 years ago
Posts: 1607
Member since: Sep 2009

iStar will make tons of money from this. They'll sell the apartments at 20%+ ABOVE asking with all the bidding war going on. TriBeCa prices will hit new highs with these new comps.

Other lenders will see this great money making scheme and do the same!

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