NEW YORK CITY-An investor group has roped in Grubb & Ellis New York Inc. to market its $25 million default loan on an empty site located at Lexington Avenue and East 65th Street, where developer Trevor Davis intended to construct a 17-story condominium with retail space.
The developer took an original loan worth $17 million for the development but failed to repay the loan, which eventually resulted in the default. The loan will be marketed officially within a month. For the full story, go to Crain's New York Business.
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