Part 4/12:
The new owner, Ready Capital, announced that it had acquired the property from the previous owner, Walter Bowen. The narrative spin is that this transfer will bolster the building’s future prospects, enabling better leasing and sales. The president of Ready Capital proclaimed a commitment to the community and future residential and commercial growth. But critics argue that these words are corporate boilerplate, designed to mask the true picture: the property was in foreclosure because it was fundamentally unsellable at current market values.