44-Unit Apartment Building in Inwood, Manhattan Scheduled for Auction

A 44-unit apartment building located at 509 West 212th Street in Inwood, Manhattan  is scheduled for auction on April 6th 2011. The lien amount is $5,288,753.

509 West 212th Street Bronx

The property seems to be owned by Milbank Real Estate, a California-based company that defaulted last year on a $35 million loan used to finance a portfolio of 10 apartment buildings in the Bronx.  According to a NY Times article published in April 2010, a local advocacy group had filed a motion in the State Supreme Court in the Bronx to order Wells Fargo, the bank that administers the trust that owns the mortgage, or LNR Property, the “special servicer” handling the troubled loan, to repair the buildings. Crain’s later reported that LNR Property was ordered by the Bronx judge to advance $2.5 million for repairs on the 10 buildings.

509 West 212th Street was purchased for $4,790,000 in September 2010, our property records show. The mortgage used to finance the purchase seems to have gone the same route as the one for the Bronx portfolio, as LNR Partners appear to oversee the mortgage for this property as well (they appear listed in the address field of the plaintiff).