310 Madison Avenue, 342 Madison Avenue & 400 Madison Avenue, New York, NY
Type of Property: Class A Office Buildings
Reason for Contacting Citadel Realty Services:
The mortgagee holding the outstanding debt on all three commercial properties approached us to find a buyer for the full amount of the defaulted debt and conclude the foreclosure process.
Our Strategy:
We assembled a list of potential buyers and provided each with the Offering Memorandum that we prepared containing all necessary information to facilitate a sale of the properties.
The End Result:
Citadel Realty Services quickly concluded a sale of the debt for $200 million. This allowed the purchaser of the debt to pursue the foreclosure and take ownership of all three properties.
Turnaround Time: 60 days.