If there's anything Manhattan's secretive River House co-op hates more than people talking about it, it's people talking about it in the context of a foreclosure auction. Too bad, because we're about to do just that! The Journal has the story of (soon to be ex-) River House resident Arlene Farkas, and it's quite the saga. Farkas fought for 18 years, from the time her husband moved out of their shared River House pad in 1990, to get control of the apartment, finally winning a legal victory in the fall of 2008. That victory coincided with the market downturn, though, and Farkas has been unable to sell the apartment for a range of asking prices, from a high of $15 million all the way down to $8.5 million (the current price). Now she owes $5.8 million, and interest and fees, on the place, and it has been scheduled for a foreclosure auction on July 10.
Farkas's son, though, insists that there will be no foreclosure happening here. "There was an issue with the funding but it has been addressed," he told the Journal. But the law firm in charge of the auction still has it firmly on the calendar, so it's not clear exactly what the fate of the Farkas apartment will be come July 10.
· Farkas Co-op Saga Continues [WSJ]
· River House coverage [Curbed]