Foreclosures Bank of America takes title to Gramercy Court land
December 30, 2009
By: Eric Kalis
ank of America has taken title to the site of a failed condominium project in West Palm Beach.
The bank gained ownership of the vacant 2.7-acre property at 2501 N. Flagler Drive with a minimum $100 bid at Monday’s foreclosure auction in West Palm Beach. Dania Beach-based Premier Developers, a fourth-generation company led by the father and son team of Gordon and Bradley Deckelbaum, had planned to build 168-unit condo project Gramercy Court at the site.
Bank of America won a $19 million foreclosure judgment in October against Premier affiliate Premier Flagler. The bank approved an $18 million loan to Premier for the project in 2006. It filed for foreclosure in July 2008.
Premier paid $15.17 million for the property in January 2006. The residential market collapsed before the project could begin.
The company developed Bellaria condominium in the town of Palm Beach, La Rive in Fort Lauderdale, and Hollywood Oaks and Renaissance on the Ocean in Hollywood.
Premier also faces a foreclosure lawsuit on the vacant site of the Aquatania condo project in Fort Lauderdale. BankUnited filed the action in September.
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