NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the $13.5 million sale of the defaulted note and judgment collateralized by a seven-story, mixed-use building located at 146-148 West 28th St. in the Chelsea section of Manhattan. The property includes 26,296 square feet of existing improvements and 66,800 of available development rights, according to J.D. Parker (lower right photo), vice president and regional manager of the firm’s Manhattan office.
The Marcus & Millichap investment team of associate Barbara Dansker (top right photo), associate vice president investments Adelaide Polsinelli (middle right photo), and associate Matt Rosenzweig, all based in the Manhattan office, represented the local lending institution in this sale of a defaulted note and judgment.
“The agents were able to identify the inherent value of the note and judgment, and took it to a sophisticated group of investors who immediately recognized the value of this transaction,” says Parker.
“The lender had elected to pursue the personal guarantee instead of commencing a foreclosure of the mortgage,” says Dansker.
“This gives the buyer of that judgment two options: He can pursue the collection on the judgment and when he has exhausted all remedies, if the judgment is not paid in full, he can then commence a foreclosure action on the mortgage to satisfy the remaining debt.”
Contact: Stacey Corso, Public Relations Manager, (212) 430-5100
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