The largest foreclosure in U.S. history has been reported by Bloomberg… A Second, Even Bigger Foreclosure Reaches NYC Billionaires’ Row describes a $35 million loan made by Banque Havilland SA secured by a full floor apartment at One57, the one of the tallest residential buildings in New York City, located at 157 West 57th Street… Public records show that the apartment was purchased in 2014 for $51 million, so an original 69% loan-to-value… Will be interesting to see what the ultimate recovery will be… Years ago, I was involved with the largest home in the U.S. at the time: $28 million which grew to $36 million with accrued interest, secured by a large house (and three building lots) in the Hamptons… We did not need to foreclose, and were eventually paid 100 plus accrued…
Recent Comments