The 84-unit residential condominium project at 45 John Street in the Financial District was supposed to have its first closing soon but its lender is reported to have recently initiated foreclosure proceedings.
Two floors were added last year to the former 12-story commercial building at Dutch Street by Manhattan Capital LLC of which Stuart Katzoff is president and RREEF Global Opportunities Fund.
According to an article today in the on-line edition of The Real Deal by Adam Pincus, Bayerische Landesbank filed suit June 22 in New York Supreme Court to foreclose on the property, which was being converted to 84 one- and two-bedroom apartments, for $51.7 million in defaulted loans.
The article said that the sponsor was due to close the first sale by tomorrow and some buyers have now been told that the sponsor will file an amendment with the Attorney General's office to allow them to rescind their contracts, according to the article.
The building had been owned by the Collegiate Church Corporation and the two-story addition had 7 penthouses with 11-foot-high ceilings and most had wood-burning fireplaces.
Daniel Goldner was the architect for the roof addition and the building was planned to have a 24-hour attended lobby, a fitness center, concierge service, a roof deck, a live-in superintendent, refrigerating grocery storage, Sub-Zero refrigerators, Bosch appliances and Zuma tubs.
Two floors were added last year to the former 12-story commercial building at Dutch Street by Manhattan Capital LLC of which Stuart Katzoff is president and RREEF Global Opportunities Fund.
According to an article today in the on-line edition of The Real Deal by Adam Pincus, Bayerische Landesbank filed suit June 22 in New York Supreme Court to foreclose on the property, which was being converted to 84 one- and two-bedroom apartments, for $51.7 million in defaulted loans.
The article said that the sponsor was due to close the first sale by tomorrow and some buyers have now been told that the sponsor will file an amendment with the Attorney General's office to allow them to rescind their contracts, according to the article.
The building had been owned by the Collegiate Church Corporation and the two-story addition had 7 penthouses with 11-foot-high ceilings and most had wood-burning fireplaces.
Daniel Goldner was the architect for the roof addition and the building was planned to have a 24-hour attended lobby, a fitness center, concierge service, a roof deck, a live-in superintendent, refrigerating grocery storage, Sub-Zero refrigerators, Bosch appliances and Zuma tubs.
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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