Residential developer Toll Brothers won a foreclosure auction yesterday with a $35.5 million bid for the property at 276-280 Third Avenue at the corner of 22nd Street in the Gramercy Park neighborhood, along with air rights from four other properties, according to an article yesterday at therealdeal.com by Adam Pincus.
The article said that company spokesperson Christine Sciarrotta said that "Toll Brothers plans to build a 21-story apartment building with approximately 80 units, which would include retail space," adding that the developer has not yet decided if the units will be rentals or sold as condominiums.
Developers Norman Kaish and Leonard Taub, under the name Gramercy Park Land, began putting the assemblage together in 2006, and borrowed $30.5 million from UBS Real Estate Investments, city property records show. But the article said that the company defaulted on the loan, and UBS pursued a foreclosure and Gramercy Park Land filed for bankruptcy in March 2011.
The loan had a judgment totaling about $46 million, court records showed. The auction bid comes to a price of $338 per buildable foot, the article said, adding that there were approximately a half-dozen bidders.
The article said that company spokesperson Christine Sciarrotta said that "Toll Brothers plans to build a 21-story apartment building with approximately 80 units, which would include retail space," adding that the developer has not yet decided if the units will be rentals or sold as condominiums.
Developers Norman Kaish and Leonard Taub, under the name Gramercy Park Land, began putting the assemblage together in 2006, and borrowed $30.5 million from UBS Real Estate Investments, city property records show. But the article said that the company defaulted on the loan, and UBS pursued a foreclosure and Gramercy Park Land filed for bankruptcy in March 2011.
The loan had a judgment totaling about $46 million, court records showed. The auction bid comes to a price of $338 per buildable foot, the article said, adding that there were approximately a half-dozen bidders.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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