New York Condos in Despair – Workouts in 2009
2 Park Avenue
New York City
Condominium developers find themselves with a surplus of unsold units and an increasing number of incomplete and abandoned projects and are at risk for borrower default. As a result, lenders are left to deal with the business risks of these potentially defaulting condominium loans. Our panel of experts discussed how to assess the risks and benefits of a workout, and as a lender how to strengthen your legal position both during and after the workout.
Evaluating a condo project
Practical business concerns for developers
Implications of foreclosure, workout strategies, and condo conversions
Douglas Heller, Partner, Herrick, Feinstein LLP