NEW YORK CITY-A failed 100-room hotel project situated near Madison Square Park in Manhattan will be converted into condominiums. Victor Homes has purchased the debt on a four-story building at 241 Fifth Ave. at a reduced price of $20 million.
The building's owners, 241 Fifth Ave. Hotel LLC, purchased the property in 2007 for $26.5 million. However, the owners defaulted on a $22.75-million mortgage from Inland Mortgage Capital Corp. Victor Homes has plans to build a 20-story building comprising nearly 48 condo units.For the full story, go to Wall Street Journal.
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