Thursday, October 4, 2018

Foreclosure looms for Acropolis Gardens

From The Real Deal:

A Wells Fargo-managed trust is looking to foreclose on a 618-unit co-op development in Astoria after its owners failed to make a loan payment.

French bank Natixis issued a $45 million mortgage in April 2017 on Acropolis Gardens, the 16-building complex bordered by Ditmars Boulevard, and 33rd and 34th streets. The debt was pooled into a securitized trust managed by Wells Fargo, according to court documents, with monthly repayments of $13,596.

But the Wells Fargo-managed trust filed a foreclosure action on Monday, after the property’s condominium board, Acropolis Gardens Realty Corp., missed a July payment.

The failed payment followed the trust’s discovery of multiple legal actions against the condo board.

11 comments:

Anonymous said...

Great place for a homeless shelter. All they way up there ouff of the beaten path.

Only Vallonian proles around - who will say as they always do, "whattya goin' ta do abowt it?"

Anonymous said...

Condo or coop? Cannot be both.

Anonymous said...

Nope. Sell it at an open auction to Astoria residents.

Anonymous said...

Wait, developers actually losing money? What happened?

Wait, never mind, reading the full article it seems the condo board is corrupt or incompetent.

Anonymous said...

"Wait, never mind, reading the full article it seems the condo board is corrupt or incompetent"

i believe you should've used "and"

Wait, never mind, reading the full article it seems the condo board is corrupt AND incompetent

Anonymous said...

This complex also almost went into receivership in the early 90s. Stay away.

Anonymous said...

Everyone was dragooning an indifferent community to show up to make Costa look good in front of the city council speaker on Thursday.

Costa, who styles himself an 'environmentalist' it hot about lead paint (not bad for a community filled with new housing) and Jamaica Bay (on the latter point someone should show him a map with the following quote ("This is Jamaica Bay and allllll the way over HERE is your district")

Nothing about the biggest problems, over development, no parking, and a sharp drop of community satisfaction with all the drunken transients running around.

But, hell, the only thing of interest in in Astoria has always been what is of interest to its politicians, right?

Anonymous said...

Wait, never mind, reading the full article it seems the condo board is corrupt AND incompetent


Ha. You can say that pretty much about anything in that community.

Just don't take any hundreds or twenties in your change in Astoria. Small bills please.

Its one big Mediterranean hilltop village cut off from the outside world.

Anonymous said...

"Its one big Mediterranean hilltop village..."

You, Sir, are an imbecile. You know nothing of which you speak.

Anonymous said...

I think its 'hillbillies' is the word you are looking for. I lived in both coal country and Ditmars country and now that you said it - its funny.

Suspicious, religious, proud, insular.

Anonymous said...

Depressing...this building is really mismanaged, nothing ever gets done...I bet they tear it down and build another non-affordable complex