NEW YORK CITY-Atlas Capital Group is in the throes of acquiring a 1-million-square-foot office building in Long Island City in a deed-in-lieu-of-foreclosure proceeding.
The New York City-based real estate investment firm is looking to acquire 47-44 31st St. from investor Mark Karasick, according to The Real Deal. The transaction was revealed in federal bankruptcy records.
Atlas was the mezzanine lender on the property. According to the newspaper, Atlas will pay the building ownership $5 million and pay off the entire $77-million first mortgage. The Karasick-led ownership filed voluntary bankruptcy on Thursday and in the filing revealed the planned sale of the property to Atlas. See story in The Real Deal.
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