Bank takes back 200 Madison.Although a roomful of people were present for the auction of the last of the Marcos properties, the lender was the only bidder for 200 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. and secured the net lease to the 25-story office building for $23.1 million. Lord Day & Lord, Barrett Barrett (sometimes spelled Barret or Barratt) is a surname that has been associated with several different people, places and organisations: Barrett is a popular surname in south and west Ireland. Smith associate Diane DIANE Diversified Information and Assistance Network (Tennessee Valley Authority) DIANE Direct Information Access Network for Europe DIANE Digital Integrated Attack and Navigation Equipment Levine Le·vine , James Lawrence Born 1943. American pianist and conductor. He began his career with the Metropolitan Opera as principal conductor in 1973 and has since served as both music and artistic director. , who worked with Special Master Stephen E. Estroff, said no one even qualified to bid. "I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. that we expected that," she said. "But it was an auction situation and it's a tough real estate market." The ground lease for 200 Madison had been pledged as collateral for a second mortgage on Herald Center. The lender, Security Pacific, foreclosed on the first mortgage on 200 Madison Avenue and this sale was made to also satisfy a deficiency judgement resulting from the sale of the Herald Center. Both judgments amounted to more than $62 million. Peter Hauspurg, president of Eastern Consolidated Properties, blamed the laek of auetion aetivity on the eompressed time period from the announeement of the auction to the auetion itself saying it was too short a time for a buyer to reaet. "It is too short a fuse for someone to line up financing and line up equity," he said. "Financing a leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. in this market is an incredible task for anyone to achieve. It's a large property and eomplicated and you must raise a substantial amount of equity as well as bank finaneing. It doesn't happen within 60 days anymore." Hauspurg said he knows of at least three groups that are actively negotiating with the lender and he expects to .be| representing another prospective purchaser shortly with the 680,000-squarefoot property's leasehold selling soon in the $30 million range. |
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