Why is the Dunbar in foreclosure, again?

One thing about blogging over several years is being able to gain perspective about situations. I’ve always had a fascination with the Dunbar Apartments. It is a unique and slightly imposing garden apartment complex that skirts the edge of Harlem. The history of the complex’s troubles are documented here. Yet, the past twenty years have really been a tragic tale of neglect. I recounted in an old post a disappointing visit to the Dunbar when I was first thinking about moving to Harlem. I wrote, I remember years ago, when I visited the Dunbar, the managing agent told me that they were performing emergency surgery…they needed to bring in money to stop the hemorrhaging before they could take care of the cosmetic. Well, here we are almost ten years later and that plan didn’t seem to work out at all. The latest owners of the Dunbar, Pinnacle, have definitely bitten off more than they can chew! Lehman Brothers, the lender, decided to stop the bleeding and foreclose on the property. Pinnacle bought the landmark for $94 million in 2005 from landlord Baruch Singer. Since 1990, the beleaguered property has changed hands numerous times.

Read more about the Dunbar:

Wall Street Journal

NY Times