Magic Johnson's Condo Project Files For Bankruptcy

by Deidre Woollard (RSS feed) Feb 20th 2009 at 7:02AM

Magic Johnson has become the latest celebrity to be affected by bankruptcy. It's not his personal holdings that are in trouble but one of this investments, the 110 Green St. Development LLC, the developer behind the Viridian condo project in Brooklyn, NY. The developer is seeking Chapter 11 bankruptcy protection and is converting the condos into rental units instead to keep pace with the changing New York City real estate market.

The Canyon-Johnson Urban Fund, a private real estate fund focused on urban properties, gave the development $12.3 million in mezzanine financing. 110 Green St. Development also has a loan of $35.75 million from the Bank of New York. Curbed reports that the entire building is being shopped around to investors for $65 million.

Gallery: Celebrity Foreclosures

Jeana Keough from the Real Housewives of Orange County

Tags: brooklyn, magic johnson, MagicJohnson, viridian

Filed under: Celebrity Shopping, Real Estate Developments

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Reader Comments (Page 1 of 1)

beanspants Feb 20th 2009 5:30PM

i would assume Magic himself isn't too far behind. l've seen his wooden movements and marble mouth and shilling for several products on tv lately.

Taylor Feb 23rd 2009 6:39AM

This is the problem.....LLC has become a person in the eyes of the law, so if the person makes a bad investment, the business goes belly up, no one gets a bad credit rating and a real person starts another business that flops. LLCs under the 14th amendment specially created for blacks are protected. LLCs need to looked at as a business.

KaOs Feb 23rd 2009 10:42AM

Taylor---what the FUQ are you talking about? LLC's weren't introduced in the United States until 1977--the 14th Amendment was ratified in1868. IGNORANCE is the problem...always has been in the United States. You RACIST SCUM have really taken a perfect model for society and tainted and contaminated it with you vicious and warped ideas about the world. You are the scum of the earth and everything in it. We used to say eventually ALL YOU RACIST WILL DIE--boy were we wrong! It appears the SINS of the FATHERS are the inheritance of the youth. I just wish you bastards would go away and isolate yourself. Surely, being in an open and free society will make you discomforted. Boy I'll tell you...internet superheroes with cyber courage. Taylor, you ought to strike up this conversation with the next "BROTHER" that you see--hopefully he'll be likeminded and slap the taste out of your mouth. At least then you will have a reason to hate Blacks.