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Tribeca's Troubled 5 Franklin Place Heads to Foreclosure Auction

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The mortgage on Tribeca's very arrested 5 Franklin Place changed hands in December 2010, with new owner Glacier Global planning to keep the project condo but scale back the flashy Ben van Berkel design. (One possibility on the table was this look from Montroy Andersen Demarco.) Before any of that happens, though, the property is going up for foreclosure auction. The auction's scheduled for September 12, with a lien of $47,041,385, according to PropertyShark. We hear that the mortgage note holders are hoping to get ownership of the site through the auction. Anyone have any other intel? Operators are standing by.
· Five Franklin Place [PropertyShark]
· 5 Franklin Place coverage [Curbed]

5 franklin place

5 franklin place, New York, NY 10013