The auction of the former P.S. 64/Charas/El Bohio Community Center will NOT be happening after all today.
This development comes right as an auction for the landmarked building was set to take place today at the Hilton New York Midtown Fifth Avenue.
Adam Pincus at PincusCo has the scoop:
Singer claimed the five-story building has assets and liabilities both above $100 million, and that there would be funds to make payments to the more than two dozen creditors. Madison Realty Capital filed the pre-foreclosure action in 2018 that triggered the foreclosure sale, only two years after giving Singer a $44 million loan secured by the property.As of a February 2022 referee's report, the property had debts of $89.98 million.
As Pincus notes, "Singer's move to protect his ownership of the building is part of an extensive involvement of the courts over the years."
Now there will be more court activity to sort out the bankruptcy litigation.
Singer purchased the property during a city auction in 1998 for $3.15 million. Through the years, Singer wanted to turn the one-time P.S. 64 into a dorm (more here), though those plans never materialized, and the building has sat in disrepair, prompting the city to take emergency measures to seal it up in late 2022.
Some residents want to see the space used again as a community center, as it was during its time as Charas/El Bohio Community Center. Singer evicted the group on Dec. 27, 2001. There's a petition in circulation titled, "Save Charas Community Center! Stop the Private Auction!" Per the petition, which states, "Demand Mayor Adams use eminent domain to return the center to the people!" (You can find the petition here.)
The 135,000-square-foot building is zoned for "community facility use," Any conversion to residential housing would require a zoning variance.
