Thursday, December 10, 2009

Gansevoort Foreclosure?

It'll be interesting to see how the new one on 29th and Park works out, although I don't think that one has any condos.

No doubt, the hotel woes are hitting hard today. In an earlier story, we linked to a Miami Herald article about the imminent foreclosure auction of the Gansevoort South, which despite being a party hotel has hit some rough times, just two years after opening.

The Miami Herald said the hotel had issues selling the condo units inside the hotel and that revenue was not enough to help them cover construction debt costs. Today, the Gansevoort Hotel Group sent HotelChatter their official statement on the scenario. The good news is, it's still going to remain a Gansevoort. The Gansevoort Hotel Group is even going to try and buy it back at the auction.

Wednesday, December 9, 2009

Barbarians at the Gate

Time to get the panic room stocked with MREs and extra ammo ...

Home of Subprime Lender Targeted by Violent Robbers,0,6912762.story

NEWPORT BEACH -- Three suspects are under arrest after a violent home invasion robbery in a gated Newport Beach community -- the same development where NBA star Kobe Bryant owns a home. Two other suspects escaped.

The home is owned by Daniel Sadek, a prominent former subprime lender.

Sadek made and lost a fortune in the subprime mortgage business. Quick Loan Funding, which he founded in 2002, wrote about $4 billion in subprime mortgages before it collapsed in 2007