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NEW YORK CITY-Pink Stone Capital has purchased a $50-million note on a development site located at 111 Washington St. from the New York Community Bank. The investment firm is all set either to develop the property or clear the defaulted note.

The development site is located across from the recently engraved W Hotel and condos. In 2008, the site was under contract for $98 million, but the deal was never closed. Ray Cecora with Platinum Properties Commercial handled the transaction.For the full story, go to New York Post.


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