The parking lot at 75 Schermerhorn Street in Downtown Brooklyn sold at foreclosure auction last month for $11 million, according to public records. Back in May we noticed that the 7,000 square foot lot had a massive lien of $25,814,150 on it and The Real Deal further reported that “privately held development firm Edison Properties…bought the non-performing debt on the property from lender Wells Fargo, which had taken over from Wachovia upon purchasing the smaller bank in 2008.” Edison Properties, a New Jersey-based development group, is listed on the deed. A rep from Edison said, “We don’t have control over that property yet,” but declined to comment further. The group develops residential, office, and storage space. No building permits have been filed with the DOB, although the DOB previously approved plans for a 12-story, 300-room hotel here.
Huge DoBro Lot Under Foreclosure Pressure [Brownstoner] GMAP P*Shark


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