Yonkers NY incubator in foreclosure

The City of Yonkers, NY, is in a messy situation with I.Park N-Valley LLC of Greenwich, CT.   I.Park  had been trying to renovate an old factory into a business incubator. However, the city claims I.Park has defaulted on a $3 million federal Housing and Urban Development loan for the building. The city is on the hook to repay the loan as well as other expenses if  I.Park N-Valley can't or won't pay.

The city filed a foreclosure action earlier this month. According to the document, the city had backed up I.Park's mortgage of $3M taken out in 2006; as of Sept. 30, 2012, a total of $3.2M in unpaid principal, accumulated interest and late fees was owed on that mortgage. It also wants to get back $1.7 million that Yonkers owes the New York Power Authority for expenses related to a loan for upgrading the energy efficiency of the building. According to court documents, I.Park had assumed the obligation to repay that loan.

National RE/sources of Greenwich operates I.Park N-Valley and also operates nearby I.Park Hudson.

for more information: http://www.lohud.com/article/20121026/NEWS/310260086/City-Park-N-Valley-...