Harlem Landmark In Foreclosure Auction
One of New York’s most famous apartment complexes will be the subject of a foreclosure auction on Friday.
The Wall Street Journal reports that Lehman Brothers Holdings is foreclosing on the Dunbar Apartments in Harlem. The auction is being held because Pinnacle Group, which purchased the property in 2005 for $94 million, did not repay Lehman for approximately $51 million in junior debt that came due in September.
Built in 1926, the Dunbar Apartments consists of six buildings with 511 apartments. The complex, which spans an entire city block, has been home to many prominent residents, including civil rights leader W.E.B. Du Bois and entertainment icons Paul Robeson and Bill “Bojangles” Robinson, and it was listed on the National Register of Historic Places in 1979.