NEW YORK CITY-A Russian billionaire and Metro Loft Management are in contract to buy a long-stalled condominium-hotel project at 443 Greenwich St. in TriBeCa for $150 million. Kar Properties, the previous owner, bought the seven-story office building in 2006 for $114 million and planned to convert it into a condo hotel.
The developer received a $20-million financing from Israel-based WD Group and an $85-million first mortgage from Anglo Irish Bank. The company defaulted on its mezzanine loan in 2010 that led to foreclosure. For the full story, go to Crain's New York Business .
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