Soho Developer Faces Foreclosure

A New York developer who has partnered with GE has been caught up in foreclosure proceedings.

By: Melanie Wilson

One developer, whose company has partnered with General Electric on a green community in Myrtle Beach, finds himself facing foreclosure on his own Soho condo unit. Bank of New York has filed foreclosure papers in Manhattan Supreme Court on August 15^th, against Robert O'Neel III. The filing alleges that Mr O'Neel has defaulted on his mortgage and owes $3.2 million, the full value of the condo at 103 Greene Street. Mr. O'Neel is the president and CEO of TWO Acquisitions.

Mr. O'Neel bought his Soho condo unit in August of 2002. He paid an undisclosed sum for the apartment, and took out a $1.7 million mortgage. By 2006, the amount of the mortgage had increased to $3.57 million. The unit comprises just over 3,000 square feet, and is valued at $1,190 per square foot. Apartments in the building typically go for between $1,301 and $1,976 per square foot, according to PropertyShark.com.

The condo is located at the seven-story Lofts of Greene Street, and is in the Cast-Iron Historic District, of Soho. It stands between Spring and Prince Streets, and was converted to condos by Tony Goldman in 2002. RWO Acquisitions and GE Consumer and Industrial announced in 2007 that they will partner on a 900 acre development of energy-efficient homes in Myrtle Beach known as Withers Preserve.