The bankruptcy auction for the former P.S. 64/Charas/El Bohio Community Center at 605 E. Ninth St. between Avenue B and Avenue C was reportedly canceled this week.
The Real Deal reported that "the property failed to solicit any bids outside of a $55 million credit bid from its lender."
A few weeks back, per TRD, Madison Realty Capital sold the loan secured by the property to 605 East 9th Community Holdings LLC, which allegedly has ties to Aaron Sosnick, a billionaire hedge fund manager who lives next door in the Christodora House.
So what happened?
Real estate adviser Hilco claims it marketed the property, spoke to over 50 people and conducted individual site tours for four separate groups. But it ultimately received no offers, according to a letter obtained by The Real Deal.
It's unclear then what might happen next to the long-vacant property that Gregg Singer bought in a city auction in 1998. Given the history here, the narrative will likely take several more twists and turns.
Through the years, Singer wanted to turn the one-time P.S. 64 into a dorm, though those plans never materialized, and the building has sat in disrepair. The 135,000-square-foot building is zoned for “community facility use,” and any conversion to a condoplex or residential housing would require a zoning variance.
Sosnick also reportedly bought the former Boys' Club of New York on 10th Street and Avenue A, now home to the Joyce Theater, several nonprofit arts groups, and a gallery.
