A joint venture between Fisher Brothers, BlackRock and a California pension fund won the 95-unit Upper West Side apartment building at 101 West 87th Street with a bid of $48 million in a bankruptcy auction yesterday, according to an article by Adam Pincus at therealdeal.com.
"In March," the article said, "embattled developer Yair Levy lost the building, which is known as Park Columbus, that he had tried to convert to condominiums, in foreclosure to Garrison Residential Funding. The mortgage and other debts totaling $52.6 million will be wiped out once the closing occurs, court records show."
Fisher Brothers, a major commercial and residential property owner in the city, partnered with investment firm BlackRock and California State Teachers Retirement System, to place the minimum bid in November.
"There were no bids following Fisher's so-called stalking horse bid of $48 million, and so the court declared the company the winner," published bankruptcy court records show, the article said.
"The marketing process," the article continued, "was handled by Doug Harmon and Adam Spies, senior managing directors at investment brokerage firm Eastdil Secured. Following a court order in June giving Eastdil the assignment, the firm sent sales information to 393 potential buyers. Among those, 36 toured the property after signing a confidentiality agreement. Fifteen bids were made on the property, and Eastdil negotiated the $48 million contract signed in November with Fisher Brothers, which was higher than what the other bidders offered. No other bidders attended the auction," court records show."
"In March," the article said, "embattled developer Yair Levy lost the building, which is known as Park Columbus, that he had tried to convert to condominiums, in foreclosure to Garrison Residential Funding. The mortgage and other debts totaling $52.6 million will be wiped out once the closing occurs, court records show."
Fisher Brothers, a major commercial and residential property owner in the city, partnered with investment firm BlackRock and California State Teachers Retirement System, to place the minimum bid in November.
"There were no bids following Fisher's so-called stalking horse bid of $48 million, and so the court declared the company the winner," published bankruptcy court records show, the article said.
"The marketing process," the article continued, "was handled by Doug Harmon and Adam Spies, senior managing directors at investment brokerage firm Eastdil Secured. Following a court order in June giving Eastdil the assignment, the firm sent sales information to 393 potential buyers. Among those, 36 toured the property after signing a confidentiality agreement. Fifteen bids were made on the property, and Eastdil negotiated the $48 million contract signed in November with Fisher Brothers, which was higher than what the other bidders offered. No other bidders attended the auction," court records show."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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