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Two New Development Projects Hit the Road to Foreclosure

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Even back in boom times, there were a few problems with the 22-unit condo project proposed for 523 Greenwich Street (above, left). Like the fact that the views would be of garbage. Now the project has another problem: foreclosure! The fine folks at PropertyShark tell us that the property is scheduled for auction on March 10th, with a lien of $17,346,701. And following behind 523 Greenwich on the long road to foreclosure is one other new development that started out with a bright future: 175 Madison Avenue. The plan was for a 33-story glass mixed-use tower (above, right), with a boutique hotel and 69 apartments, all for around $2,000/square foot. But a lis pendens?the first step on that path to forelcosure?was filed against the property, which had a $29 million mortgage, in February. Can the property save itself before we have to drop the F-bomb on it?
· 523 Greenwich Street [PropertyShark]
· 176 Madison Avenue [Propertyshark]
· 18 Stories, Garbage View in Hudson Square [Curbed]
· 176 Madison Avenue coverage [Curbed]