A judge has flunked this landlord’s last-ditch attempt to prevent a foreclosure.
Despite the owner’s efforts, a decades-vacant former East Village public school is set to hit the auction block this spring.
Gregg Singer has owned the hulking, 152,000-square-foot P.S. 64 since 1998, when he bought the site (which ceased being a school in 1977) for $3.15 million at auction, planning to turn the space into dorms. But those dreams were never realized: Its only tenant, the Charas/El Bohio Community Center, was evicted in 2001, and the historic structure has deteriorated into a local eyesore and a multi-pronged legal battle in the years since.
This past October, Singer quietly put the badly blighted building on the market, pitching it as a commercial campus complete with a movie theater and no listing price. But a state judge has now knocked down that eleventh-hour attempt to stave off a foreclosure, the Real Deal first reported.
The possibility, brought by lender Madison Realty Capital, has been looming since 2018. (The firm loaned Singer $44 million for the property in 2016 and alleges that Singer now owes it $89.9 million.) In December, a judge ruled in favor of the property’s foreclosure and sale, and this month an auction date was set for March 22, according to the Real Deal.
Despite the dreary outlook, however, Singer has not yet thrown in the towel. “We expect our rights will be fully vindicated and we will ultimately prevail and be allowed to have the building be a benefit to the community,” he said, the outlet reported.
Whoever purchases the premises should be ready for a serious fixer-upper: Photographs previously published by The Post show that, in addition to the visible decay on the facade, the interior is full of graffiti, broken planks, shattered glass, bird droppings and pools of water.