Brooklyn condo project in default

I must have crystal ball. The only difference is I was using LIC as the example. This is worse since brooklyn is thought to be a stronger area. Taken off curbed: Guess The Delinquent Brooklyn Condo —"Mission Capital Advisors, a Manhattan-based boutique investment bank, was retained in April to sell $28 million in mortgage loans after a lender put a condo on the Brooklyn waterfront into technical... [more]

I must have crystal ball. The only difference is I was using LIC as the example. This is worse since brooklyn is thought to be a stronger area. Taken off curbed: Guess The Delinquent Brooklyn Condo —"Mission Capital Advisors, a Manhattan-based boutique investment bank, was retained in April to sell $28 million in mortgage loans after a lender put a condo on the Brooklyn waterfront into technical default. As of last month, the 75-unit apartment building, which is 90 percent finished, was trying to rectify the situation and find a buyer for its debt. Mission Capital declined to name the developer and the address, citing the sensitivity of the deal, but said the developer was current on interest payments and only put into default because it missed construction completion dates and unit sales targets." [The Real Deal] [less]