Lender filed for foreclosure on One Madison. Though everyone saw this coming, it is another notch in Manhattan's cinched belt. But don't believe the lender when they say that existing approved buyers won't be affected. Their investments are at risk. As per history, lender will sell at steep discount, individual unit price tumble, existing owners haven't a prayer of selling at competitive prices... [more]
Lender filed for foreclosure on One Madison. Though everyone saw this coming, it is another notch in Manhattan's cinched belt. But don't believe the lender when they say that existing approved buyers won't be affected. Their investments are at risk. As per history, lender will sell at steep discount, individual unit price tumble, existing owners haven't a prayer of selling at competitive prices until new owner is sold out of inventory. Since it takes a long time to sell in a tainted building unless there are fire sale prices, existing owners will not see their original prices back for quite a long while. Rushmore next.
http://therealdeal.com/newyork/articles/one-madison-park-hit-with-foreclosure-suit[less]
