NEW YORK CITY-A troubled apartment building located in Inwood's Upper Manhattan neighborhood is reaching the auction block. Milbank Real Estate, a private-equity group based in Los Angeles, purchased the 45-unit apartment building situated on 212th Street for $4.79 million in 2007.
In order to cover the costs of the apartment building, the group obtained a $2-million mortgage, but unfortunately it defaulted on payments. LNR Property Corp. is the special servicer of the building.For the full story, go to Wall Street Journal.
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