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.
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.