New York

The outstanding building on the Hudson River that once had a $25 million asking price has now a new owner: it was picked up by its mortgage holder at a Manhattan foreclosure auction.

The foreclosure action was launched back in 2008 by CapitalSource Bank, which holds $18.9 million lien on the development, according to Propertyshark’s informations. George Lora, the director of CapitalSource said they intend to sell the property.

This foreclosure auction is the latest example of a very good project, born on surging demand on condos, but as the easy credit is over, and the housing market collapsed, no one is interested anymore. They say even Leonardio DiCaprio signed a contract to buy at least two floors in this project, know as Hudson Blue, but they didn’t close the deal because there were lacks of unit sales.

This condominium development was formed by Michael Yanko and Eran Conforty, two Israelis, who met in New York and developed luxury buildings focused on "superior design".

The two Israelis began to market the project as part of the "Gold Coast" on West Street, where the glass-facade buildings abutting the Hudson afforded spectacular water views. At one point one of the developer stated that they considered subsidizing a private chef for residents.

These units attracted lots of curiosity and the asking prices were somewhere between $2 million and $2.5 million.

However, the low ceilings combined with large windows in the front and back – but no views between – gave the apartments a cramped feeling. The original marketing plans didn’t work, so the two had to reconsider the strategy.

"They kept changing their minds to find something they thought was marketable," said Barbara Godson, a Halstead Property agent who showed apartments here.

In the foreclosure auction CapitalSource bid $6.8 million. This amount doesn’t reflect the real value of the property because the buyer was the lender, who held the mortgage. CapitalSource has already done the next step: they hired Grubb & Ellis to market the property, which is one of the tops in the city.

Category : Distressed Luxury Real Estate News &New York

The Baldwin brothers – Alec, Daniel, William and Stephen, of 30Rock, Mulholland Falls, Flatliners and The Usual Suspects fame respectively, have thrilled audiences with their theatrical talent on screen for almost two decades.

Stephen Baldwin however, having been raised with his brothers on Long Island, was experiencing what millions of Americans are going through, the threat of foreclosure.

So gamely is the devastation of the US property market however, the incidence of distressed property is not a monopoly of the working classes; it is shared in abundance with stars and celebrities from all areas of human endeavor.

Stephen aged 46, is still working in the movie business and no doubt has the opportunity to call this his vocation. However, he and his family have also hard difficulty in meeting the financial obligations pertaining to an $825 000 mortgage in favor of Bankers Trust.

The property in Old Mountain Road, Nyack, New York State, is a beautiful multi-storey circa 1850 home purchased by the Baldwin’s in 1997 for around $500 000. Certainly the property experienced some capital gain in subsequent years as financiers were willing to take legal mortgages on its value. Indeed in a bid to relocate to acreage, the Baldwin’s attempted to market the property immediately prior to the collapse of the property market in 2006. At that time it failed to sell at $3.6m and now the position is history.

All celebrities enjoy the fruits of their success, but rarely do they enjoy the public humiliation and personal intrusion into their family’s circumstances when scandal strikes close by. In the aftermath of the Global Financial Crisis, the media have been careful to report the demise of as many celebrities as possible, in order to secure a following by Americans who gain some comfort from knowing that they are not alone in their troubles. To many this seems a crass manner in which to conduct the press however, it is by now part and parcel of the risk of doing business in Hollywood.

It remains open however, for celebrities who find themselves in compromising positions such as imminent foreclosure or distressed property of some sort, to have their predicament managed effectively by a discrete 3rd party such as Eureka Luxury Short Sales.

Eureka specialize in assisting people avoid the consequences of foreclosure, and to consolidate their life choices before they spiral out of control, when matters are attributed to the responsibility of a mortgagee. When Eureka is engaged by a celebrity homeowner, discrete negotiations are undertaken with the mortgagee with a view to settling the outstanding debt in total. Not only will this short sale conveyance alleviate the need for foreclosure proceedings and preserve the celebrity’s financial reputation, but it will give the celebrity time to either regain their financial composure. Eureka will be conveying the property to their name, and will cover the extensive marketing expenses they outlay in order to obtain a healthy price for the property. Either way, the celebrity homeowner avoids the ungainly publicity that often visits them in such circumstances, and enjoys the freedom to negotiate a favorable agreement with Eureka. From here they can regain their financial control.

Category : Avoiding Luxury Foreclosures &Celebrities &Headlines &New York