CWCapital acquires Upper Manhattan building for $8.21 million in foreclosure auction
615 West 186th Street, PropertyShark
By Roland Li
CWCapital has acquired a residential building at 615 West 186th Street for $8.21 million in a foreclosure auction, according to city records.
Attorney Dayton Haigney was appointed as a referee of the building by Bank of America, which filed to foreclosure on a $13.89 million lien, according to PropertyShark. Haigney didn’t immediately return a request for comment.
The 76,212 s/f, six-story building has 82 residential units and was built in the 1920s, according to PropertyShark. A lis pendens of $10.2 million was first filed against the property in February 2009.
The building was previously owned by 261 Wadsworth Avenue Holding LLC, a subsidiary of Cedarhurst, N.Y.-based Barberry Rose Management. (The building’s alternative address is 261 Wadsworth Avenue.) Officials at Barberry Rose didn’t immediately return requests for comment.
Barberry purchased the property from an affiliate of Leor Management for $10.218 million and took a mortgage of $4.79 million from the bank Eurohypo AG, which was later transferred to Lasalle Bank in 2008, according to city records. Bank of America acquired LaSalle in April 2007, assuming the mortgage.
Bethesda, Md.-based CWCapital, a subsidiary of CW Financial, is the special loan servicer for the high profile Styvesant Town and Peter Cooper Village properties, as well as the Riverton Houses in Harlem. Crain’s recently reported that CWFinancial purchased investment bank Rockwood Real Estate Advisers. Affiliates of the giant hedge fund Fortress Investment Group purchased CW Financial in June 2010.
