NEW YORK CITY-A joint venture of California investors has seized a stalled condo development in Brooklyn and is planning to resume the work. The condo project located at 20 Henry St. stopped construction when its financing drained last year.
Now the Canyon-Johnson Urban Fund partnership has purchased the loan and has taken control of the development by signing a deal with Urban Realty. Bobby Turner of Canyon Capital Realty Advisors said that the partnership is going to complete the project. GlobeSt.com reported the deal last week as part of its coverage of a panel discussion sponsored by the Real Estate Board of New York. For the full story, go to Wall Street Journal.
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