HAP’s East Harlem rental portfolio goes back to lender, firm appears shut down
Eran Polack’s troubled HAP Investments lost control of three Harlem rental buildings and his firm appears to have shuttered entirely. The commercial real estate lender Ladder Capital, which was owed roughly $69 million, submitted $1 million credit bids for each of the buildings at 2211 Third Avenue, 329 Pleasant Avenue and 2338 Second Avenue at an auction last month. The trio of multifamily properties was part of HAP’s once-ambitious push into Upper Manhattan. The foreclosure sale was first reported by PincusCo. The foreclosure adds to the mounting troubles for HAP. Hundreds of Israeli investors lost a collective $70 million after […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Weekend Recap: Secret Shopping Compass Coming Soon
Listings
Grid No Longer Among Data Center Builders’ Biggest
Problems
America’s Top Architects: Travis Price Brings Transparency
To A Washington, D.C. Rowhouse
Developers widely reject large 485x projects
The mogul cashing out at 220 Central Park South
Everyone gets an increase, except these building
owners
NY Dirt: Politicians push developers to block
ICE
How to Turn Your Equity Into Rentals with a HELOC or
Cash-Out Refi (Rookie Reply)
Rezoned Sheepshead Bay site sells for $37M for large
affordable housing project
Massive North Fork waterfront estate sells for $15M in
single-lot record
