A judge has thwarted this last-ditch effort by the landlord to stop the foreclosure.
The former East Village Public School, vacant for decades despite the owner’s efforts, is set to hit the auction block this spring.
Greg Singer has owned the 152,000-square-foot PS 64 since 1998, when he purchased the site (which had ceased to be a school in 1977) for $3.15 million at auction, planning to convert the space into dorms. . But those dreams never materialized: Its sole tenant, the Charas/El Bohío Community Center, was evicted in 2001, and the historic structure has deteriorated into a local eyesore and a multi-pronged legal battle over the years .
Last October, Singer quietly erected the badly damaged building in the market, offering it as a commercial complex with a movie theater and no listing price. But a state judge has now rejected an eleventh-hour effort to stop a foreclosure, the real deal informed earlier.
The prospect, brought by lender Madison Realty Capital, has been winding down since 2018. (The firm loaned Singer $44 million for the property in 2016 and alleges Singer now owes it $89.9 million.) In December, a judge ruled in favor of the property. The foreclosure and sale took place this month, according to The Real Deal, and the auction date was set for March 22.
However, despite the bleak outlook, Singer hasn’t given up just yet. “We expect that our rights will be fully vindicated and that we will ultimately prevail and be allowed to return the building to a benefit to the community,” the outlet reported.
Anyone Who Buys The Complex Should Be Prepared For A Serious Fixer-Upper: Photos First post was published by Show that, in addition to visible decay on the façade, the interior is filled with graffiti, broken planks, broken glass, bird droppings, and pools of water.