Damon Dash's Loft Scheduled For Foreclosure Auction

by Deidre Woollard (RSS feed)
Jul 28th 2010 at 1:00AM

Back in 2008 hip hop mogul Damon Dash flirted with foreclosure over a pair of Manhattan apartments. Eastern Savings Bank said Dash and his fashion designer wife Rachel Roy owed $7.3 million on the properties and were supposed to make hefty monthly payments of $78,500. Now Curbed reports that one of the properties, a 5,200-square-foot duplex in The Atalanta at 25 N. Moore Street is scheduled for foreclosure auction today, July 28 at 1 p.m. According to the listing the duplex has 20 foot ceilings in the living room, four bedrooms and a large kitchen.The 17-story building was erected in 1924 and converted to condos in 2001. The building was originally a cold storage warehouse and has a doorman and a roof deck.

Manhattan Loft Guy says that Dash bought the home in 2004 for $3.875 million, refinanced in 2007 for $7.3 million, tried unsuccessfully to sell in 2008 and 2009, first for $7.9 million and later for as low as $5.75 million. The bank secured a judgment March 1, 2010 for $8,960,752.

UPDATE: The NY Times reports that the condo, in the Atalanta sold to a company called Platinum Capital for $5.5 million, the minimum bid the bank would accept was $5 million. The other apartment, at the Sugar Warehouse at 79 Laight Street, also in TriBeCa, did not meet its $3 million minimum bid, so it now belongs to Eastern Savings Bank.

Tags: celebrity foreclosure, celebrity foreclosures, damon dash