A collection of 14 deteriorating South Bronx apartment buildings has been snapped up by a real estate development company led by former New York Met first baseman Maurice “Mo” Vaughn in a foreclosure auction, Amanda Fung reports in Crain’s.
The properties were owned by entities of the Ocelot Capital Group, which abandoned them, let them fall into disrepair and eventually defaulted on the mortgage. Continue reading
The sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town – acquired for $5.4 billion in 2006 by a venture of Tishman Speyer Properties and a unit of Black Rock – is running out of cash, the Wall Street Journal reports.
As of the end of September, it had $33.7 million left of the $400 million in interest reserves set up to service its debt, according to the people familiar with the matter. At its current burn rate of about $16 million per month, the reserve could be depleted before the end of the year, the people said. Others have said the venture could avoid default until February. Continue reading