Sunday, April 3, 2011

Not a joke: Highgrove is headed to auction!

Thanks to a tip from an anonymous reader, I found this public notice about the upcoming auction of everybody's favorite empty luxury condo, Highgrove.

Here's the meaty part: "The principal asset of Highgrove Condominium LLC is the residential real estate property known as The Highgrove Condominium, located at 70 Forest Street, Stamford, Connecticut, which is subject to that certain Construction Mortgage Deed, Assignment of Rents, Security Agreement and Fixture Filing, dated as of July 6, 2007, between CORUS Bank, N.A. and Highgrove Condominium, LLC, which mortgage is currently in default and the subject of a pending foreclosure proceeding. THIS IS A FORECLOSURE SALE OF EQUITY INTERESTS." (Capitals are not my emphasis.)

In other words, Highgrove went bust.

The weird thing is that I predicted this (sorta) back in December! Here's my post.


Anonymous said...

great find. just one thing, the auction route is the only route for this deal and i think that was rather obvious sometime ago.

i think barry sternlicht at starwood capital owns corus bank. it will be interesting if anyone really steps up the plate. the price should be heavily discounted in my opnion because i think there is NO market for this product. the units are too large and the avalon tower soaring next door really hurts the highrise atmosphere. otherwise its an absolutely beautiful building.

StamfordNotes said...