Towne Garden - HUD Foreclosure

Just heard about what appears to be one of the largest residential foreclosures ever on the City's East side. The Towne Garden Apartments were recently foreclosed on by HUD. [quikmap]- 440 Clinton Street.
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This apartment complex was built in 1972 and is comprised of 36, one, two and three-story buildings, offering 88 one-bedroom, 184 two-bedroom and 88 three-bedroom units. A HAP contract is offered in the sale for 302 units. The Purchaser has the option to repair to local code or demolish the units identified in Exhibit B to the Foreclosure Sale Use Agreement, Attachment C. Additionally, Purchaser has the option to retain or sell any or all of the 21 commercial units. A $200,000 Earnest Money Deposit is required for bidding at the Foreclosure Sale. A $1,654,350 Letter of Credit (LOC) is required to insure completion of repairs. Bids will be accepted orally at 10:00 am local time, November 2, 2006, Erie County Courthouse (Foreclosure Alcove), 92 Franklin Street, Buffalo, NY 14202.
For additional information - right here.
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