Mortgage on Huge Bed Stuy Property Up for Sale

A press release announced that the mortgage at a 97,000-buildable-square-foot development site on 168-184 Franklin Avenue is up for sale by the investment company Marcus & Millichap. (The site falls between Myrtle and Willouhgby Avenues.) According to the release: “The outstanding senior debt totals approximately eight million. The lender commenced foreclosure proceedings in the spring of 2010 and the loan is accruing at the default rate of 24 percent… The note purchaser will step into the lender’s shoes and prosecute the foreclosure with an eye toward owning a development site with completed foundations. The land was originally intended as the location of a multi-family development on a corridor that is burgeoning with investor interest.”