Achievements

Bankrupt Condominium Complex

Role

  • Represented the Bankruptcy Trustee in the successful sale of the Gramercy Park Condominiums, a luxury mid-rise multi-family asset located in the prime Medical Center submarket of Houston, Texas.
  • Actively exposed the fractured condominium property to the market for over a year during protracted court proceedings.
  • The 224-unit property was financed by more than 230 individual investors acting as direct lenders.
  • Only four units were sold before the property was put in the hands of a servicer; consequently, the investors moved to foreclose later that year.
  • The complicated foreclosure process included the chapter 11 bankruptcy of the servicer in New York. The proceedings were transferred to Nevada, and ultimately converted to a Chapter 7 bankruptcy case.

Results

24 offers were generated prior to the US Bankruptcy Court in Reno, Nevada, conducting a 363 auction. Our team was critical to the auction process, identifying and negotiating terms with the stalking horse bidder who ultimately closed on the property.