The Rubin brothers foreclosed on Century Plaza, a $2.5 billion hotel and condo development in LA's Century City neighborhood. Arbor Realty Trust foreclosed on four multifamily buildings in Houston valued at $229 million. Who seems to be most likely to pick up the debt? A private lender as opposed to a small bank or a big bank.
When Jacob Garlick, a relative unknown in the small world of New York real estate, secured the winning bid on the Flatiron building, he told NY1 the moment had been a “lifelong dream since he was 14 years old.” Two days later he flaked on the down payment. The Real Deal's Deconstruct chats with senior reporter Keith Larsen on the man behind the botched buy and why Garlick is still gunning for the building.
Credits: NY1