The Breakers Facing Financial Troubles As Developer’s Debt Changes Hands

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The profitability of the 3112-3144 Emmons Avenue waterfront condominiums known as the Breakers remains up in the air as Madison Realty Capital just acquired a $23.5 million note in default from the complex’s previous owners, according to a report by Globe St.

The history and development of the Breakers project has been fraught with some controversy. Local mariners have complained that the complex threatens to narrow an already clogged navigational lane in Sheepshead Bay’s waters, neighbors have decried the lost view, and even residents are miffed about a fictional marina they were promised. In August, the development’s owners, Emmons-Sheepshead Bay Development LLC, declared bankruptcy.

The previous owner of the note, TD Bank, acquired the property from the original owners. Madison acquired the note – which represents the developer’s debt – for an unspecified amount, and it includes 49 unsold luxury units from the complex (out of 75 total), and parking.

7 Comments

  1. Pingback: Sheepshead Bites » Blog Archive After Bankruptcy, Breakers Condominium Complex Finds New Owner For $24.5 Million » Sheepshead Bay News Blog

  2. Pingback: Sheepshead Bites » Blog Archive Photo: Breakers Condo Development Rebuilding Pier Wiped Out By Sandy » Sheepshead Bay News Blog

  3. As usual they develop at the height of the housing market. It’s like buying stocks at their height. Things look great, everyone speculates, and then the bottom drops out.

  4. Everyone says that, and I believe everyone is wrong. You don’t see people fleeing the coasts of Florida, California, the Bahamas, etc. People want to live by water, and they’re willing to pay good money for it. Don’t know about this particular property, I suspect the price (like the others) was just way too high to sell.