Sliver building 1055 Park Avenue is the odd one out on the thoroughfare in more ways than one. Not only is it a rare glassy structure for the avenue, but it might go into foreclosure tomorrow. The developer has been unwilling to admit to any financial troubles at the building, but now, The Real Deal reports, the project's lender has told developer Trevor Davis that the mortgage is in default and that he plans to foreclose . In return, Davis has filed a lawsuit alleging that the foreclosure is illegal, and his lawyers are in court over it as we type this. So what are Davis's grounds for saying the foreclosure's not legit? The, uh, outpouring of buyer interest in the building. "Substantial interest has been expressed by potential purchasers of the condo units and given a reasonable period of time, [Davis] would be able to sell all six condominium units in the building and satisfy" his loans, the suit says. If by "substantial interest" he means large fake animals.
· Trevor Davis heads to court to stop 1055 Park Avenue foreclosure [Real Deal]
· 1055 Park Avenue coverage [Curbed]