Oh, Renwick Street. No roadway is too minor to be given a miss by developers during a condo boom, so even the glorified alley between Canal Street and the Holland Tunnel became home to luxury condos back when the market was at its height. Among these new developments was No. 22 Renwick. The project kept expectations low?with a tame average price of $1,300/square foot?but not low enough. The building's been hit by a successful buyer backout attempt, choppage, and a lawsuit. Now, Crain's reports, MB Financial Bank has plans to foreclose on the project, on which the developers owe $21.7 million or more in loans, late fees, and interest. The 19-unit building remains completely unsold and empty. Does this mean things at No 22 Renwick can only get better from here?
· 12-story Soho condo faces foreclosure [Crain's]
· No 22 Renwick coverage [Curbed]