750 Lexington Foreclosure Auction Fails to Attract Bidders

Lender U.S. Bank has reportedly purchased the approximately 350,000-square-foot tower at 750 Lexington Avenue. The January 21^st foreclosure auction failed to attract bidders, ultimately sold to its lender for a nominal $1,000 sum according to the press release by Crain’s New York. The debt encumbering the property was $160 million, and according to the response to one prospective buyer by a court official, a bid for less than the debt on the property wouldn’t be accepted. The sale by Cohen Brothers Realty, which is headquartered in the building and had developed the full block tower in the 1950s, comes as the firm continues to raise cash to reportedly pay off $187 million in personally guaranteed loans. Other sales by Cohen Bros. over the past year include 3 East 54^th Street for $141 million, and 623 Fifth Avenue for $218 million, both of which were purchased by Vornado Realty Trust.

Source:    https://www.crainsnewyork.com/real-estate/750-lexington-ave-fetches-nominal-sum-foreclosure-auction