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    Senior Member JohnDoe2's Avatar
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    A Second, Even Bigger Foreclosure Reaches NYC Billionaires’ Row

    A Second, Even Bigger Foreclosure Reaches NYC Billionaires’ Row

    By Oshrat Carmiel
    June 23, 2017, 12:54 PM PDT


    • Default might be most expensive for a New York condo: broker
    • Auction is the second scheduled in a month for a One57 unit



    One57 overlooks Central Park and the Hudson River.
    Photographer: William Edwards/AFP via Getty Images

    Another luxury condo at Manhattan’s One57 is scheduled for a foreclosure auction -- the second time in a month that a property seizure is being sought at the Billionaires’ Row tower following a mortgage default. And it might be the biggest in New York City residential history.

    Apartment 79, a full-floor penthouse that was the eighth-priciest sold in the building, is scheduled for auction on July 19, according to real estate data firm PropertyShark. The owner of the condo, a shell company listed in public records as One57 79 Inc., bought the 6,240-square-foot (580-square-meter) residence in December 2014 for $50.9 million, according to New York City records.


    In September 2015, the company took out a $35.3 million mortgage from lender Banque Havilland SA, based in Luxembourg. The full payment of the loan was due one year later, according to court documents filed in connection with the foreclosure. The borrower failed to repay, and now Banque Havilland is forcing a sale to recoup the funds, plus interest.

    “It’s probably the most-expensive foreclosure we’ve ever seen in luxury development,” said Donna Olshan, president of high-end Manhattan brokerage Olshan Realty Inc. “I don’t know of a foreclosure that’s larger than that.”

    Michael Lubben, a New York attorney who represents the borrower, according to court records, didn’t immediately return a phone call seeking comment.


    Built by Extell Development Co., One57 has stood as a symbol of Manhattan’s luxury-development boom -- and eventual slowdown.

    The tower, which broke ground in 2009, drew investors willing to pay large sums for lavish residences they rarely live in, and inspired other developers to build similar offerings, creating an effective “Billionaires’ Row” along West 57th Street. One57 still holds the record for the most-expensive residential sale in New York, at $100.5 million.


    Second Foreclosure


    Last month, a June 14 auction was scheduled for a 56th-floor apartment at the same tower. The condo was purchased in July 2015 for $21.4 million. Public records have yet to reveal any transfer of ownership for that property.

    “This shows that too much leverage is probably not wise,” Anna LaPorte, an Extell spokeswoman, said of the most recent default.


    Until last month, no apartments on Billionaires’ Row, which also includes 432 Park Ave., has previously been subject to a foreclosure auction, according to PropertyShark. Manhattan residential properties are rarely lost to creditors, with only 27 new residential foreclosures in the borough in the first quarter, the firm reported.

    https://www.bloomberg.com/news/artic...llionaires-row

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    Senior Member JohnDoe2's Avatar
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    ‘Mystery man’ who foreclosed $50.9M Billionaires’ Row penthouse revealed

    By Lois Weiss and Emily Smith

    June 26, 2017 | 11:04pm

    Modal Trigger
    Kolawole "Kola" AlukoWireImage

    Nigerian playboy Kolawole “Kola” Aluko is the owner of the 79th-floor penthouse at the One57 tower on “Billionaires’ Row” — it’s a swanky pad that could become the biggest residential foreclosure in New York history, The Post has learned.
    Modal TriggerPaul
    Martinka

    The 48-year-old energy tycoon — who is pals with Jay Z, Beyoncé and Naomi Campbell — hasn’t been paying his bills on the $50.9 million luxury condo, and a European bank is forcing a sale next month.

    The Luxembourg-based Banque Havilland, which issued a $35.3 million mortgage on the 6,240-square-foot spread at 157 E. 57th St., has listed as collateral Aluko’s 213-foot yacht, the Galactica Star, and is looking to collect what it’s owed plus interest, court documents show.


    On top of the unpaid mortgage that came due last fall, Aluko also has been racking up maintenance fees and taxes on the property. He has not been seen for some time, prompting speculation that he is hiding out on the Galactica Star.


    The boat — which Aluko rented to Jay Z and Beyoncé in 2015 for $900,000 a week — was last registered in Freeport, the Bahamas, on May 3, but is currently “out of range,” yacht trackers said.


    According to sources, Aluko did appear with the yacht at the ill-fated Ja Rule Fyre Festival music event in the Bahamas in late April. Prior to that, the Galactica Star left Cabo last year and was briefly berthed in Turkey, records show.


    Aluko is close pals with Leonardo DiCaprio, and partied with the Oscar winner at his birthday in New York in 2013. Reps for Aluko confirmed at the time that he had made a large donation to DiCaprio’s environmental charity.


    Lately, Aluko has been dodging Nigerian authorities, who in February tried to freeze his assets including the apartment as part of a money-laundering probe.


    Aluko, who claims Switzerland as his residence, was among those who allegedly obtained lucrative contracts from Nigeria’s former oil minister, who has also been accused in a $1.76 billion scheme to defraud the government of oil sale profits that both have denied.


    The alleged plot may have parked the money in assets around the world, including jets, automobiles and pricey real estate in London, Sweden, Dubai, New York and California.


    Aluko has been busy flipping many of the expensive properties he’s bought. In Montecito, Calif., Gwyneth Paltrow paid Aluko an undermarket $4.9 million for a 2.4-acre estate that was equipped with a massive pool.


    SEE ALSO



    Billionaire's Row penthouse goes into foreclosure for $50.9M

    In 2012, Aluko paid $14.7 million for an 11,478-square-foot manse in Beverly Hills that was rented to Ariana Grande. The singer had to leave when Aluko sold it for just $13 million in 2016.

    More recently, a shell company controlled by Aluko has been trying to unload an apartment at 1049 Fifth Ave., which it bought for $8.5 million in 2013.


    The apartment, whose two combined units boast four bedrooms and four bathrooms, a maid’s apartment and two storage units, has liens on it of more than $20,000, and it owes $61,000 in taxes to the city as of July 1.


    Luxury skyscraper One57, built by real estate mogul Gary Barnett’s Extell Development, holds the sales record for a full-floor apartment, with one unit that sold for $100.5 million.


    But with lots of competition from new Billionaires’ Row towers, including 432 Park Ave., it has become harder to sell and rent mega-priced condos.

    http://nypost.com/2017/06/26/mystery...ouse-revealed/

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