Irish Bank Dumps New York Assets

robut

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Irish Bank Dumps New York Assets - WSJ.com

"Anglo Irish Bank Corp., the troubled bank at the heart of Ireland's controversial bailout, is raising cash by dumping New York real estate assets. Its latest move: putting up for sale a $147 million construction loan that financed the Setai Wall Street condominium and spa in the financial district."

Some of our property stateside :D

Robut
 


powderfinger

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Jun 13, 2007
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Thanks Robut.
A good article below from Feb 2009 by David Jones detailing the New York profile of Anglo Irish Bank's US loan book.
Prescient comment from Ron Solarz.

Foreign bank's troubles make waves here | The Real Deal | New York Real Estate News

One of Anglo Irish's largest residential deals in New York is the Setai at 40 Broad Street, a 34-story condo tower developed by the Setai Group and Zamir Equities. The project was financed in part by a $140.1 million construction loan provided by a group of lenders that included Anglo Irish.

Sources familiar with the building said 75 percent of the units are under contract and that occupancy is scheduled to begin in the late spring. Still, a November lawsuit by a buyer alleges that the sponsor, 40 Broad, conducted a sham closing on his apartment in June, raising questions about closings in the building.

A Zamir spokeswoman said that Anglo Irish has been fully supportive of the Setai, and said they expect the bank will be fully repaid.

Ron Solarz, executive managing director at Eastern Consolidated, said Anglo Irish is just one example of the overall hubris that caused the banking system to crash.

"The banks just leveraged things up, not thinking the market could turn," he said. "Nobody knows how bad it could get. We all do sense that there's more bad news coming."
 
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