Wednesday, July 05, 2006

Sell Off of Dwek Properties Begins

From the Hub:

K. Hov bldg. among Dwek holdings sold
BY SUE MORGAN

The copper-colored structure along the banks of the Navesink River in Middletown that once housed home builder Kevork Hovnanian's operations has been sold for $6.1 million.

In this case, the seller of the empty building at 10 Route 35 is not development titan K. Hovnanian, but beleaguered real estate mogul Solomon Dwek, who will not see a dime of the profits handed over by the buyer, Investment Properties of America, anytime soon.

Nor will Valley National Bank, which holds a $3.6 million mortgage on the property that Dwek paid $4.8 million for in July 2005, be immediately paid the money owed to that line of credit, despite the efforts of the bank's legal counsel last week in the Freehold courtroom of state Superior Court Judge Alexander D. Lehrer.

As Dwek, of Ocean Township, sat in the back of the courtroom on June 28, Lehrer signed a court order to approve the sale of the property known as The Waterview, which until recently housed the offices of K. Hovnanian Enterprises Inc., to Investment Properties, an out-of-state property management firm.
...
To date, Dwek owes a total of $180.6 million to PNC, Valley National, and 17 other banks that have loaned him money to purchase or improve his real estate, according to the Web site.

In addition, Dwek also owes a collective total of $154.2 million in claims to 60 individual creditors.
...
The sale of the K. Hovnanian building and an apartment complex brought a total of $11.6 million, which will be used toward Dwek's bailout, Lehrer said.

6 Comments:

Blogger new 200 Mbps BROADBAND over POWER LINES said...

Click for THE Real Estate Mogul: SOLOMON DWEK INVESTIGATION: Federal Bank Fraud Case Updates

7/06/2006 12:04:00 AM  
Anonymous Anonymous said...

This prick should be in jail.

7/06/2006 04:19:00 AM  
Anonymous Anonymous said...

and his father should be with him.

7/06/2006 08:12:00 AM  
Blogger patient homebuyer said...

i think there is going to be alot of fraud and seedy activity exposed in the coming months and years due to the greed associated with this bubble

7/06/2006 08:29:00 AM  
Anonymous Anonymous said...

What in the world happened to underwriting standards over the last 5-7 years?

This is a clear sign of things to come.

7/06/2006 12:03:00 PM  
Anonymous Anonymous said...

What in the world happened to underwriting standards over the last 5-7 years?

This is a clear sign of things to come.

7/06/2006 12:03:00 PM  

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