Two "notes totaling $30.6 million" for a planned apartment building at 953-961 First Avenue between 52nd and 53rd Streets are being sold off by the Bank of America, according to an article today by Amanda Fung at crains.com.

The borrowers are the Alexico Group and Steven Elghanayan and they had planned to erect a rental apartment building that would have been known as The Oliver on the site.

In August 24, 2009, Adam Pincus wrote at therealdeal.com that the bank intended to foreclose on the two loans, one of which was described as a mortgage from 2007 as the fee acquisition loan valued at $28.2 million, and the second as a development rights acquisition loan from 2008 valued at $2.3 million.

Both loans were originally due November 2008, but the maturity date was extended to May 1, 2009, according to the article by Mr. Pincus, which added that "The loans were not repaid by that time, and the bank notified the borrowers that the loans were in default, the suit filed in New York State Supreme Court August 13."

Companies affiliated with Alexico have owned four of the five lots since at least 2002, city property records show. The most recently acquired parcel, at 953 First Avenue, was purchased by the developer for $7.4 million in October 2007.

The Oliver, with an address of 959 First Avenue, was designed by Costas Kondylis and was planned to be a 161-unit luxury apartment building with one-, two- and three-bedroom units, that would include the city's first outdoor rooftop theater system, the developer's Web site says.

Those plans stalled, and a foundation has been built on the 75-foot by 100-foot site, while mechanic's liens alleging unpaid contractor bills totaling $4 million dollars were filed with the New York County Clerk, according to court records.

This is not the only troubled project for Alexico, which developed 165 Charles Street in the West Village and 353 Central Park West on the Upper West Side. The developers were sued for back rent for an off-site sales office for its project the Laurel, at 400 East 67th Street; and 56 Leonard Street in Tribeca was reported delayed in January.

Izak Senbahar and Simon Elias are the principals of Alexico.

This is the latest Alexico loan to be put up for sale, according to Ms. Fung's article, which added that "Last month, Anglo Irish New York Corp. began selling loans on three high-end Manhattan hotels owned by Alexico - The Mark Hotel on East 77th Street, The Alex Hotel on East 45th Street and The Flatotel on West 52nd Street. It was unclear if Alexico had defaulted on those loans."

"'This is one of the few high-profile opportunities in the market now,' said James Nelson, a partner at Massey Knakal, who is marketing the notes along with Robert Knakal, chairman of the brokerage, and Clint Olsen, a first vice president, the article continued.

The purchaser, the article said, will be able to build either a rental or condominium development with retail on the site, Mr. Nelson explained.

So far, Ms. Fung wrote, Massey Knakal has received interest from more than 100 potential buyers who signed the confidentiality agreements to receive further information on the loan sale, according to Mr. Nelson. "We anticipate the sale to happen quickly," he said, predicting a sale in the third quarter. "These are all non-contingent, equity purchases so most buyers can close quickly."