Thomas Hazelrigg who was a long time friend and business associate of Mike Mastro has a condo going to foreclosure today. Mastro was the local real estate mogul gone broke that was recently in the news for being apprehended in France by the US authorities. Hazelrigg who made a career of “hard money” lending borrowed millions from Mastro and is now subject to bankruptcy liquidation. Most funds raised will ultimately go back to Mastro investors and the bankruptcy attorneys.
The 39th floor luxury condo at One Lincoln Tower was purchased for $1,425,000 in May of 2008. Now, nearly 5 years later, it is on the auction block with a minimum bid of $828,927.
It is a 2 bed, 2 bath unit with 1,516sf. I would estimate value well over a $1,000,000. There have been 4 sales at One Lincoln since August of last year – ranging from $390K to $2,000,000. Check back in for an update on what the unit ultimately sells for.