BORDERLAND
Nicholas Building sale canceled over payment
3/18/2014The sale of the downtown Nicholas Building was canceled after the Ergur Group, a California private equity firm, paid the judgment against the company in a foreclosure action.
The 17-story building at 608 Madison Ave., was scheduled to be sold today at a Lucas County sheriff's sale.
The clerk of courts on Monday received a cashier’s check for $922,632 to satisfy the foreclosure order issued in March, 2013, against Koray Ergur and the three companies he owns.
The payment will cover the outstanding $766,786 loan the Ergur Group owed to the Spitzer Building Co. to buy the Spitzer Building, also on Madison, and the Nicholas Building.
Spitzer Building Co. is the first lien holder on the properties. The payment also will be used to pay maintenance costs, attorney fees, and other costs incurred during the three years the properties were in receivership.