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Article: Bank takes back 200 Madison. (Security Pacific National Bank bids on New York, New York property)
- Article from:
- Real Estate Weekly
- Article date:
- July 29, 1992
- Author:
CopyrightCOPYRIGHT 1992 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Although a roomful of people were present for the auction of the last of the Marcos properties, the lender was the only bidder for 200 Madison Avenue and secured the net lease to the 25-story office building for $23.1 million.
Lord Day & Lord, Barrett Smith associate Diane Levine, who worked with Special Master Stephen E. Estroff, said no one even qualified to bid.
"I don't know that we expected that," she said. "But it was an auction situation and it's a tough real estate market."
The ground lease for 200 Madison had been pledged as collateral for a second mortgage on Herald Center. The lender, Security Pacific, foreclosed on the first ...