$30M in mortgages for sale.The New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Department of Citywide Administrative Services (DCAS DCAS Department of Citywide Administrative Services (New York City) DCAS Downloadable Conditional Access System (digital television) DCAS Defense Contract Administration Services (DLA) ) announced that in the Department's first transaction of this kind, it plans to sell a pool of approximately 300 mortgages, with total outstanding charges of approximately $30 million to a special purpose trust. The trust, NYC NYC abbr. New York City NYC New York City Mortgage Facilitation Trust-2001, will then sell the pool through a competitive bidding Competitive bidding A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. competitive bidding 1. process on a servicing released basis. The loans are primarily on commercial proper. ties located throughout the five boroughs. The sale is expected to close in June of 2001. DCAS sells at public auctions properties that have been taken by the City through foreclosure, due to the owner's failure to pay property taxes and water and sewer charges. During the current administration, the City has sold more than 1,500 properties in this manner, returning them to the City tax rolls and fostering community development. Successful bidders at the auctions may apply to DCAS fto purchase money mortgage financing on terms generally equivalent to those available from commercial lending sources. This pool of mortgages is now available for sale. A bid package describing the sale process will be available on or about April 27th, 2001 from the Trust's financial advisor, Lepercq, de Neutflize & Co., Inc. Potential bidders seeking any further information may contact Joel Cooper at 1675 Broadway, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10019 or at 698-0776. |
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