Remember 5 Franklin Place? It was one of the most notor-infamous busts of the real estate boom, and involved building a tower of wraparound black-metal bands (designed by international starchitect Ben van Berkel) above two old buildings on Broadway, with a lobby off a semi-secret alley, because that's how things got done back in the bubbly days of 2008. The stalled site's tortured history is well documented, but let's talk about the future! Procida Advisors, a specialty real estate, investment banking and turnaround firm, plans to auction the first mortgage on the property?which is little more than an abandoned eyesore right now?with bids due by December 13.
Just in case the buyer doesn't feel like carrying out Ben van Berkel's pricey design, New York firm Montroy Andersen Demarco has created "optional designs" and the project's original contractor has prepped a construction bid for both plans. According to Billy Procida, "The borrower has signed over the deed-in-lieu and the market is as hot as ever. We’ve made sure that the buyer can start construction on this project immediately." Now that's a New Year's resolution worth making.
· 5 Franklin Place coverage [Curbed]
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