Olshan draws foreclosure suit on rent-stabilized Manhattan buildings

When Community Preservation Corporation took over some of the worst rent-stabilized property loans in the city, officials there knew foreclosures would be on the table.  Now that reality is coming to pass. The nonprofit loan servicer has filed for foreclosure at two Washington Heights buildings owned by Olshan Properties, located at 385 and 395 Fort Washington Avenue. Olshan purchased the buildings with Mill House Properties for $40.1 million in 2017, mortgaging them with Signature Bank. In February 2023, the borrower modified those loans, creating a prime mortgage of $16.1 million and a subordinate loan of $7.4 million.  But then Signature […]This article originally appeared on The Real Deal. Click here to read the full story.