Wednesday, February 18, 2009

Riverton Debacle Escalates

Larry Gluck and Stellar LLC who had hoped to auction off cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Riverton Harlem housing project on Friday, got some more bad news today, when Wells Fargo announced it is seeking foreclosure on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 1,230 unit apartment complex. The auction has now been cancelled until furcá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r notice according to Steve Solomon, a spokesman for Gluck. Wells, which has problems of its own with its stock hitting an all time low of $12.06 today, is custodian for a bunch of illiterate CMBS investors who bought into cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Riverton property several years ago. Now cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y are stuck with major losses on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 property behing cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 loan, originally evaluated at $340 million. The bank has asked New York State Supreme Court to order cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 properties to pay $225 million in principal plus interest, fees and late charges. Good luck collecting, seeing as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 property had been scheduled to be auctioned off on February 20 for about $196 million. According to Andy Day a CMBS guru at MS, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Riverton complex may appraise for "substantially less" than $196 million. The case is actively followed as it will serve as a benchmark for a true market test of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 atrocious state of New York commercial real estate.

The case is Wells Fargo Bank v. RP Stellar Riverton and Gluck, 09101491, Supreme Court of New York (Manhattan). Sphere: Related Content
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