Foreclosures in the Empire State!
New York Real Estate Search - Foreclosures, Pre-foreclosures and Tax Liens
Sign up to receive foreclosures by email
New York Related Articles
Mayro Building Faces Foreclosure
New York Foreclosure Listing News
August 20, 2007UTICA - Genesee Street's Mayro Building is facing foreclosure following its owners' failure to make payments toward a $1 million mortgage since April, according to a civil lawsuit pending in state Supreme Court.
The five-story complex at the corner of Genesee Street and Bank Place contains nearly 30 commercial tenants that include Clear Channel Communications, a variety of attorneys and boutique stores, nightclub Space 26, and restaurants including Desserts Beyond The Ordinary and Massoud's Café.
Brooklyn-based 239 Genesee Holdings LLC and Imar Hutchins obtained a mortgage for the property in March 2006 for $1.02 million, but they have failed to make payments on the principal balance and interest since April 1, according to the foreclosure complaint filed Aug. 3 by Deutsche Bank National Trust Company at the Oneida County Clerk's Office.
Owners of the Mayro Building could not be reached Friday.
Court records indicate that efforts have been made to notify all of the building's tenants of the pending foreclosure, which includes attorney Mark Wolber. Although Wolber said Friday that he is "disturbed" by the foreclosure notice, he isn't all that worried about losing his third-floor office space at this time.
"I don't anticipate making any plans to move, because I don't anticipate that we will be evicted by the bank or possible new owners," Wolber explained.
If the current occupants were forced to leave, he added, that decision would be "a big mistake business-wise."
"I think the building's value is greatly enhanced by the presences of the tenants in the building," Wolber said.
Utica Mayor Tim Julian agreed that the Mayro Building's value is inherently linked to the commercial tenants it houses. But, Julian added, he doubts that an actual foreclosure will ever take place in which the property would be sold.
"Obviously if it does, then we have to cross that bridge when we come to it," Julian said. "But I think this is essentially more of a necessary process they're going through, and I believe the ownership will pay up on their indebtedness and move forward from there. I don't really see anything else happening."
The building currently has 20 vacant spaces, including the site of the former Chatterbox Lounge, which closed in late June.
The Black Parasol jewelry and antique shop is one of the more recent additions to the Mayro Building, having moved in to its Bank Place location only four months ago, said owner Linda Colangelo.
The pending foreclosure is a concern, but Colangelo said she's not panicking just yet.
"I've just unpacked, so hopefully everything turns out OK," Colangelo said. "I'll just stick it out to see what happens and if I can stay here. I love it here."
Article Source http://www.uticaod.com/apps/pbcs.dll/article?AID=/20070820/NEWS/70819019/1001
Featured Sponsors:
Advertise your business here!
Signup now and be featured on this page. Upload your photo and link to your website! Sign up NOW!
Related News and Articles:
New York state foreclosures may top 50,000 in 2008
Interestingly enough, even local governments are affected by rising New York state foreclosure rates. As home values fall, the less real estate taxes are collected for local government offices.
read more
Citigroup to offer help to 500,000 risky mortgage customers
Citigroup plans on ceasing all foreclosures in an attempt to help the nationwide foreclosure problem. Those facing foreclosure that will be reviewed for assistance must have the home listed as a primary residence.
read more
Trading Down Is the New Real Estate Reality
Even the market in New York City has slowed as international investors are even feeling the market crunch that reverberates through Europe and Asia. Now some of the only million-dollar sales are New York City foreclosures.
read more
Read past articles in the Article Archive