Peter Hungerford Granted Six Weeks to Prevent Auction of Rochester Building
Peter Hungerford, a Staten Island real estate investor, has been granted six weeks to prevent the auction of the troubled "Hungerford Building" in Rochester. The lender filed for foreclosure last September and is seeking to take control after construction issues and unfavorable debt markets hindered progress on an ambitious renovation plan. Originally valued at $8.25 million with a goal to add 200 apartments, Hungerford claims that unforeseen structural problems caused the project's costs to increase tenfold. Hungerford stated he is close to securing a construction loan of between $45 million and $50 million within the next one to two months. The building has been in disrepair for years, with local artists criticizing Hungerford’s involvement despite his claim that conditions were already dire before his acquisition. In New York City, Hungerford has invested over $500 million into rent-stabilized properties amid a challenging market environment. The auction is scheduled for October 29 and the lender has not commented on the situation.
Topics: construction loan foreclosure real estate investment urban development