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Union Square Parking Garage Sells for $44M, Set to Become 22-Story Condo Tower
A vacant nine-story parking garage just steps from Union Square has changed hands for $44 million, clearing the way for a 22-story condominium tower with 52 residences. Tishman Realty sold the long-stalled development site at 110 East 16th Street to Pro-H Group, ending years of uncertainty over what would rise on the Manhattan parcel.
Cleveland Jewish News
New York Post
Mamdani trying to force distressed building owners to sell to nonprofits — even after creditors refuse
Mayor Zohran Mamdani’s effort to steer hundreds of deteriorating Manhattan apartments into nonprofit ownership has hit a wall — after creditors rejected a $110 million offer from a city-backed developer and pushed the buildings into foreclosure auctions. And despite City Hall insisting the fight isn’t over, the administration has yet to publicly explain how it plans to salvage the deal. At Tuesday’s auction, 14 of 15 East Harlem apartment buildings failed to attract outside buyers, with most reverting to plaintiff US Bank National Association for nominal bids of $500 apiece. One went for $1,000. Mayor Zohran Mamdani’s effort to steer distressed East Harlem apartments into nonprofit ownership has stalled. Gregory P. Mango for The NY Post The building at 417 E. 114th St. sold for $826,000 at Tuesday’s foreclosure auction. Google Maps The only building to draw an outside bidder, at 417 E. 114th St., sold for $826,000 — just $1,000 above the minimum bid and far below its original $1.9 million loan. Nithya Raman’s failed micro-state shows what the next four years hold The properties are part of a troubled 38-building portfolio containing roughly 850 apartments, most of them rent-stabilized, that was previously owned by Emerald Equity Group. The