Manhattan Office Foreclosure

• Client: Mortgage lender
• Date: Jan 28, 2010
• Location:

Summary:

Schiff Hardin represented the mortgage lender in connection with foreclosure of a multi-tenant Class "B" office building in Midtown Manhattan.

The foreclosure named all of the tenants with the intention of obtaining a vacant building to renovate and reposition for an alternate use. A friendly foreclosure agreement was eventually negotiated, and while the foreclosure was proceeding, the lender negotiated with several parties for the purchase of the note and mortgage.

Shortly before the foreclosure sale, a sale of the note and mortgage was closed at a purchase price equal to the outstanding debt.