Owner of long-abandoned NYC school files for bankruptcy

Yet another chapter has opened in the decades-long saga of the East Village’s beleaguered former PS 64.

Developer Greg Singer, who has owned the 152,000-square-foot East Ninth Street building since 1998, has put the property forward for bankruptcy protection.

Singer decided to move on March 21, a day before the badly dilapidated, H-shaped structure was set to hit the auction block because of a protracted foreclosure battle with his lender, Madison Realty Capital. But there was a cap. reported crane,

The bankruptcy filing successfully stalled the auction, at least for now, giving Singer a little more time to work on the lawsuit, development plans and financing options for the hulking behemoth, according to his attorney Erica Eisner, the outlet reported. .


The developer bought the property — which closed as a school in 1977 — at auction for $3.15 million more than two decades ago with the view of converting the space into dorms.
The developer bought the property — which closed as a school in 1977 — at auction for $3.15 million more than two decades ago with the view of converting the space into dorms.
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East Village School Bankruptcy
A vision of what the building could be, as seen in the previous listing.
loopnet

the creator bought property — which closed as a school in 1977 — more than two decades ago for $3.15 million at auction with a view to converting the space into dorms.

In pursuit of that dream, he controversially evicted the Lower East Side landmark’s sole tenant, the Charas/El Bohio Community Center, in 2001.

In October, Singer quietly put the building—which has since deteriorated severely—on the market, pitching it as a commercial complex and envisioned in glossy renderings and without a listing price, The post reported earlier,

“The redevelopment and historic restoration of this century-old landmark, a former New York City elementary school, could be converted into a variety of modern, luxury-rich opportunities,” advertised the listing, naming the student dormitories an assisted living facility. facility and a medical center among the possible uses for it.

A sale—seen as a similar last-minute attempt to prevent foreclosure—did not succeed, and a judge placed the building’s fate up for auction block.


East Village School Bankruptcy
Computer rendering of property’s tidy courtyard.
loopnet

As the legal battle continues, the building has remained vacant – except for visits from urban explorers, graffiti artists and others who dare to enter its rotting shell.

Photographer Stacy Joy said, “I’ve been hearing for quite some time that there were parties and events being held inside, and there had been a fire or two, and the building was in serious disrepair.” told the post Her campaign in its depth in 2021. “I was walking with a friend, and the door was open. So we went inside to investigate and document.

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