2010 was an unpleasant year in real estate for Damon Dash, the down-on-his-luck hip hop mogul whose two Tribeca lofts got their 15 minutes of fame in a foreclosure auction last summer. The Dash loft at 25 North Moore Street sold for $5.5 million, but the one at 79 Laight Street failed to sell. Until now! Broker-blogger Manhattan Loft Guy notices that 79 Laight Street's #5F, Dash's old 2BR, 2.5BA triplex in the Sugar Warehouse, finally sold in July. It had been listed in November for $3.195 million and sold for $2.85 million.
Not a bad deal for the buyer, but Manhattan Loft Guy speculates that the bank is nowhere near recouping the money it's owed on Dash's real estate:
The referee sold #5F at $2.85mm, less expenses (his own, plus the brokerage fee, plus the transfer taxes, plus ??) and the Atalanta loft sold at auction last year for $5.5mm (again, less expenses). That total slightly exceeds the $7.3mm that was taken out of these two lofts in late 2006, even before considering the expenses, but the bank was owed a whole lot more: as noted above the bank’s judgment as of March 1, 2010 was $8,960,752; it should have increased on the Atalanta portion until the foreclosure sale closed there last year, and on the Sugar Warehouse portion until two weeks ago. In other words, DD?is still way under water with the bank (unless the loan was non-recourse). The city should have gotten its (presumably) unpaid real estate taxes back?which were $2,694/mo at the Atalanta and $1,787/mo at the Sugar Warehouse?.
With these dreary numbers, the two condos are out many, many, many months of common charges ($2,227/mo at the Atalanta, $2,380/mo at US Sugar).
You do hate to see that.
What we like to see: some celebrity-leftover triplex floorplan porn.
· Referee ends Damon Dash saga at 79 Laight Street after a year [MLG]
· 79 Laight Street #5F [StreetEasy]
· Damon Dash coverage [Curbed]