Bankruptcy Forces Sale of Viridian
The Viridian, Magic Johnson’s foray into condo development in Greenpoint, has hit a wall. After hitting the market in September of last year, the 130-unit project went rental in December. Now, reports Curbed, the developer has declared bankruptcy and the entire building is on the chopping block for $65 million, or an average of $500,000…
The Viridian, Magic Johnson’s foray into condo development in Greenpoint, has hit a wall. After hitting the market in September of last year, the 130-unit project went rental in December. Now, reports Curbed, the developer has declared bankruptcy and the entire building is on the chopping block for $65 million, or an average of $500,000 per apartment. Marcus & Millichap has the listing. GMAP
so dibs, what’s likely? some rental company buys the building? would they un-condo-ize it somehow?
no mortgaes for these units until the property is sold to someone solvent. Even then, many lenders will be reluctant to bother with a place that had this history.
what does this mean for the condo owners? any lawyers out there? the developer’s bank gets hosed, not the condo owners, right? now does the bank actually own the unsold units, and pay the common charges for them? I think that’s the case.
then, would the bank have the incentive to sell them off in a fire sale, and will prospective buyers be able to get a mortgage to buy in a bankrupt development?
This sitch is going to play out over and over in the next few years — I want to know what kind of hair is on some of these condo bargains.
hey, its still brooklyn..
Greenpoint?
I don’t know how much Magic Johnson has to do with this project, really. The property owner 110 Green Street Development LLC that just filed for bankruptcy is registered at 1303 53rd Street in Brooklyn. You think Magic makes it out there much?
Is Magic Johnson an Asshat What? Serious question…
Given the trajectory, this place could be a fireplace soon.
Does it have fireplaces?