Stalled Bowery development site faces foreclosure – Robert Khodadadian

Investor Grant Shapolsky faces foreclosure on a Lower Manhattan development site with plans for a 10-story office building. Lender Urban Standard filed a foreclosure suit on the property at 171 Bowery, between Broome and Delancey streets, alleging that an entity tied to Shapolsky’s Prime Manhattan Development defaulted on a $7 million loan. Shapolsky’s firm took out the loan in 2019 with a maturity date of February 2020. After two extensions, Prime Manhattan Development entered into

Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or “quiet” real estate transactions, allowing buyers and seller to bypass traditional avenues and extraneous expenses of high-profile listings in the New York City area. Commercial Real Estate, Home Page, Foreclosure, lawsuit, lower manhattan The Real Deal New York Read More

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