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How to Get 75 Free Sutton Place Apartments: Buy This Loan

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So what if it doesn't have the most gorgeous exterior in the Sutton Place area? Seventy-five unsold sponsor units in the 310 East 55th Street co-op will go for free to the buyer of a defaulted $36 million loan in Queens. The loan is for a 3.7 acre site near Citi Field and Sky View Center, Crain's explains, and the buyer can build 780,000 square feet on the spot. Neither neighbor is the best incentive for a prospective buyer. Nor are buyers likely to be enticed by the fact that the bank started foreclosure proceedings earlier this month and the buyer would probably have to finish the foreclosure. But perhaps the 310 East 55th Street apartments, which were used as collateral for the loan, will make up for that. Studios in the building rent for about $1,900/month right now, according to StreetEasy; the most recent sale closed in 2010 for $90,000.
?Photo via PropertyShark.
· Buy this Queens site, get free East Side apartments [Crain's]
· 310 East 55th Street [StreetEasy]

310 East 55th Street

310 East 55th Street, New York, NY