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.