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420 East 86th Street.

After a heated bidding process, an Alex DiLorenzo property at 420 East 86th Street went to an Italian investment group that had purchased the rights to the mortgage the evening before.

DiLorenzo was being foreclosed on by the mortgagee, BRT Realty Trust.

"Everyone and their attorney was there," said Brian Ezratty, senior vice president, Eastern Consolidated Properties.

Eastern Consolidated entered into an agreement the night before the auction to sell the rights of the mortgage to the investment firm, which is client of Eastern's . The auction was held the next day at 60 Centre Street. Despite a lot of bidding activity, their client was the highest bidder and decided to take the property in at $2.9 million.

Ezratty, along with Senior Vice President Deborah Gutoff, represented DiLorenzo and Bernard Falk of Loeb Partners and Ed Allen of Compass International represented the buyers.

DiLorenzo has recently sold a number of properties, transferred others within his companies, and gave properties back to lenders.
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Title Annotation:New York, New York property acquired by Italian investment group
Publication:Real Estate Weekly
Date:Aug 5, 1992
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