Manhattan

The name of Damon Dash will sound familiar for many, they know him as the mogul of the hip-hop music. However, New York lenders are also familiar with Damon Dash’s name, who defaulted few years back on his mortgage payment. The $78,504.20 per month mortgage was too high for him to afford, so he reportedly stopped paying it. His $7.3 million loan was for a pair of Tribeca lofts, one at 72 Laight Street and the other one is a 5,200 square foot duplex in The Atalanta at 25 N. Moore Street. This is one of the neighborhood’s power buildings. Damon Dash tried to sell the duplex for $7.9 million – he bought it for $3.875 million back in 2004, but he couldn’t get a deal, so the money problem remained and the condo is a good part of the debt. After Dash’s default, the bank secured a judgement March 1, this year for $8,960,752.

The condo will have a new owner on July 28th, after the auction scheduled  at the New York County Courthouse. According to the listing on the duplex has 20 foot ceilings in the living room, four bedrooms and a large kitchen. The 17-story building was designed in 1924 and converted into condos in 2001.

Category : Distressed Luxury Real Estate News &Manhattan