A Second, Even Bigger Foreclosure Reaches NYC Billionaires' Row

[Yo_Mama_Been_Loggin]

Another luxury condo at Manhattan’s One57 is scheduled for a foreclosure auction -- the second time in a month that a property seizure is being sought at the Billionaires’ Row tower following a mortgage default. And it might be the biggest in New York City residential history.

Apartment 79, a full-floor penthouse that was the eighth-priciest sold in the building, is scheduled for auction on July 19, according to real estate data firm PropertyShark. The owner of the condo, a shell company listed in public records as One57 79 Inc., bought the 6,240-square-foot (580-square-meter) residence in December 2014 for $50.9 million, according to New York City records.

In September 2015, the company took out a $35.3 million mortgage from lender Banque Havilland SA, based in Luxembourg. The full payment of the loan was due one year later, according to court documents filed in connection with the foreclosure. The borrower failed to repay, and now Banque Havilland is forcing a sale to recoup the funds, plus interest.

“It’s probably the most-expensive foreclosure we’ve ever seen in luxury development,” said Donna Olshan, president of high-end Manhattan brokerage Olshan Realty Inc. “I don’t know of a foreclosure that’s larger than that.”

https://www.msn.com/en-us/money/realestate/a-second-even-bigger-foreclosure-reaches-nyc-billionaires-row/ar-BBD5A3q?li=BBnb7Kz&ocid=edgsp

Too early to tell if this is a trend. I remember in 2007 a year before the great recession there were a lot of ads for foreclosure auctions in the real estate section of the Wall Street Journal.

If the economy collapses again the GOP owns this shit.

[Tanuki]

1. I would be very interested to know the identity of who is behind the "shell company"

that purchased this property.

[Chasstev365]

2. No; they will blame it on President Obama

and not only will the dumbasses believe it; they agree to even bigger tax cuts for the "job creators."

[Yo_Mama_Been_Loggin]

4. Nah

The far right will try but people blamed Bush for the 2008 meltdown.

[mwooldri]

5. Depends when the meltdown happens.

If it is sooner rather than later, Obama will get flak.
Shortly after the midterms would be a good time politically. Dems can blame the Repubs in Congress for their ineptitude and come to the rescue (again).

[Orrex]

9. Trump's chumps are already blaming Obama for taking away their healthcare

They know that Trump is doing it, but they insist that they trust him, and they know that he has to do it because Obama (that is, "Barry HUSSEIN Obummer&quot wrecked the economy and tried to blame the GOP for it.

[Achilleaze]

3. Trump slump (R)

no doubt about it

[BSdetect]

6. What moron pays that much when they could build something for far less?

Greed and stupidity make a deadly compound.

[mitch96]

7. Like the other poster said, who owns the shell company

Could this possibly be a money laundering ploy?
company A buys a condo. Sells it to company b, who takes out a loan. Pay off his buddy in company A and split the profits and default on the loan.. Bank takes the hit.
hummmm.......
m

[Wounded Bear]

8. High priced real estate is a favorite place to store laundered cash assets...

and various kinds of dirty money. Has been for years. Trump has been involved in that shit for years and years. It's why he won't release his financials.

[mitch96]

10. Happens down here quite often

Keeps the fed's busy. Cocaine cowboys would launder their money thru high end autos. Buy Porsche/BMW/MB for cash and then open a "exclusive" auto dealership. Sell the car and wash the cash thru a legit business. I don't know if the fed's now watch real estate sales that are cash deals...
m

[TheBlackAdder]

11. $8100 a Square Foot? Woof! That's up there with Tokyo street vendor plots.