The large abandoned site at 2300 Cropsey Avenue is set to hit the market. Swedbank, the current property holder, will soon begin taking bids on the space. Swedbank is a Swedish bank that holds several defaulted mortgages, most of which they acquired from Lehman Brothers.
Alexander Gurevich, the initial owner of the 45,688-square-foot space planned to build a multi-functioning unit with underground parking, housing and office space, according to The Real Deal. However, he defaulted on the remaining $17 million loan balance and the property went into bank holding.
Gurevich’s ownership of the property is further complicated by his legal issues. In 2010, Gurevich was banned from selling condos or co-op units in New York for 3 years because he was accused of deceiving buyers in Manhattan’s Turtle Bay condo sale.
Associates at Massey Knakal Realty Services are also working to sell the site privately on behalf of Gurevich. Investors predict the site will go for $12 to $13 million.