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The building's namesake was the stone contractor Thomas Osborne, who had acquired the land in 1883 from restaurateur John Taylor, constructing the building as a speculative investment. The $2 million construction cost forced Thomas Osborne into foreclosure, leading Taylor's family to acquire the building in 1889.
The Dry Dock Savings Bank initiated foreclosure proceedings against the Dorilton in 1938, as the previous owners had failed to pay $1,263,904 on the mortgage. [58] The bank acquired the building at a foreclosure auction that month. [59] By October 1939, the building's managing agent reported that the Dorilton was fully rented. [60]
The building officially opened on October 1, 1931, and the Chanins lost the Majestic to foreclosure two years later. The New York Majestic Corporation took over the building in 1937 and operated it for twenty years, when the Majestic became a housing cooperative.
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Judicial foreclosure: With a judicial foreclosure, the lender files a lawsuit and the borrower is notified of the non-payment. The homeowner has 30 days to make up the missed payments, otherwise ...
[5] [6] [48] Amster Yard was covered by a $5.25 million note, but that had fallen into foreclosure, and Praedium had purchased it at $3.8 million, thirty percent less than the face value of the note. [6] The owner gave all existing tenants until that July to leave; at the time, the buildings were in deteriorated shape, with leaky pipes. [5]