Today just got a little bit worse for troubled hip hop mogul and former Jay-Z partner Damon Dash. He's less than an hour away from losing his duplex loft at 25 North Moore Street in a foreclosure auction at the New York County Courthouse. It turns out his other Tribeca loft, at 79 Laight Street's Sugar Warehouse, is also hitting the block at one o'clock. Broker-blogger Manhattan Loft Guy continues on the Dash beat with an analysis of his latest neighborhood foreclosure victim, a 2,888-square-foot 2BR/2.5BA triplex. Dude's got good taste! Too bad the same can't be said of his financial judgment.
Dash picked up the 79 Laight loft for $1,807,394 in March 2004. It was refinanced along with the 25 North Moore property in September 2006?for a total mortgage of $7.3 million. That, MLG calculates, works out to a 40 percent appreciation in value over 30 months. Not a bad rate if you can get it! And Dash ultimately couldn't: the apartment didn't sell when he listed it for $5 million, eventually chopping it all the way to $3.65 million. Which brings us to the sad state of affairs Dash finds himself facing in exactly 23 minutes.
· 79 Laight Street loft also being auctioned today [MLG]
· Damon Dash's Tribeca Loft Headed for Foreclosure Auction [Curbed]