Owner of Greenpoint portfolio dodges foreclosure with sale to Black Spruce
The owner of nine Greenpoint rental buildings narrowly escaped foreclosure Wednesday after closing on the $ 27 million sale of eight of the properties to Black Spruce Management, sources told The Real Deal . The distressed properties were notably at the center of a $ 150 million lawsuit from 2015 in which the owner, Sylvester Smolarczyk's SMK Property Management, accused Madison Realty Capital of predatory lending practices .