NEW YORK CITY-Avison Young’s New York office ismarketing 69 non-performing first mortgages secured bysingle-family residences located primarily in the five boroughs andLong Island, GlobeSt.com has learned. The brokerage is working onbehalf of the current lender, a finance unit of a multinationalorganization, to market the portfolio. It is expected to go for $30million by fourth quarter 2012, according to Justin R.Piasecki, a principal at Avison Young who is handling thetransaction.

“It is the right place and the right time,” he tellsGlobeSt.com. “They are looking to own performing loans in theirportfolio, and they are not looking to own non-performing. It wasthe right time for them to sell before the new year and moveforward.”

According to AY, all loans were originated between 2003 and2008, of which, 63 assets are already in the foreclosure processand only six assets are 120+ days delinquent. The majority ofportfolio (56.1%) were originated in 2006, and the second largestgrouping (28%) were originated in 2007 – just before the housingbubble burst.