
Over $75M in real estate to be auctioned in largest foreclosure in town's history
Americans could be in for the chance to snap up a property in a charming New York college town under a huge foreclosure auction.
Over a dozen properties worth over $75 million will be up for auction of April 29 in Ithaca and nearby Lansing.
Ithaca, which is known for its beautiful surrounding scenery and vibrant arts scene, is home to the Ivy League Cornell University.
The properties are located on Cornell University land that was leased to private developers.
'I believe this is the largest real estate foreclosure in Ithaca's history,' Costa Lambrou of Lambrou Real Estate told The Cornell Daily Sun.
The properties were originally part of a 2024 foreclosure lawsuit initiated by the Tompkins Community Bank against a group of real estate companies connected to prolific developer Phil Proujansky.
The companies linked to Proujansky defaulted on a $68 million mortgage, which resulted in zero payments since September 2023.
The real estate up for auction includes 17 pieces of land.
The properties are located near Ithaca Tompkins International Airport on Thornwood Drive, Brown Road, Brentwood Drive and Arrowwood Drive.
The upcoming auction comes after Cornell bought a foreclosed property last month for $15 million.
The building, which is over 50,000 square feet, includes 26 residential units and houses Jason's Deli convenience store.
'We are excited to work with local leaders, business owners, and community neighbors on advancing shared goals in this area and, by extension, our city,' a Cornell spokesperson said.
The building was owned by Proujansky and the late John Novarr before its February 2024 foreclosure.
Cornell employee Jeremy Thomas explained the financial importance of leasing the land.
'[The foreclosed properties] are around loans that were made specifically to the improvements on the properties,' Thomas said.
'So Cornell does own the land, but those are under a long term ground lease with the entity that actually owns the buildings themselves. … They're responsible for paying the loans that they take out on those buildings.'
Thomas added that leasing around Cornell Business & Technology Park (CBTP) was crucial so they could see how potential developments could impact students, teachers, and other university priorities.
Cornell employee Jeremy Thomas hopes the university will forge a strong partnership with the new foreclosed property owners
Novarr and Proujansky had hinted at a project in Ithaca's Collegetown neighborhood before it went public in 2020.
By then, the pair already owned several Collegetown properties worth more than $15.5 million and bought the former Nines building for over $3 million.
The project was comprised of five Collegetown sites, including 17 properties.
Dubbed the 'Innovation District,' the $145 million project was scheduled to begin construction in 2021 and end this winter.
Unfortunately, the only portion of the project completed before the foreclosures was Catherine Commons, which completed construction last December.
Their plans slowly fell apart, leading to one foreclosure after another.
Other businessmen swooped in to purchase the buildings, including Charlie O'Connor and Nick Robertson.
Following project failure, Novarr kept a low profile until his death in September 2024, and Proujansky has stayed out of the public eye.
Thomas revealed that it was 'very unlikely' Cornell would purchase any of the other foreclosed properties.
However, if the bank were to take ownership of the properties, the school would consider buying them.
Thomas hopes to forge a partnership with the next property owners to ensure that CBTP continues to thrive.
'It is important for us that a [new] owner of these properties comes forward [who] can be a good strategic partner to the universities and the objectives that we have here,' Thomas said.
'So we will be a partner with whoever that owner is, and we want to work to find somebody that would be a good partner to the University in the region.'
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Scotsman
7 hours ago
- Scotsman
Why Scotland 'must work together' to build on £317m St Andrews boost
Call for collaboration in bid to ride on back of 'momentum in golf' in sport's birthplace Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... A call to action has been issued for the whole of Scotland to help the country 'harvest an opportunity' to use golf as a tool for growing economic benefit. The idea is to create a 'ripple effect' from St Andrews being at the heart of visitors from around the world flocking in huge numbers to the sport's cradle. According to a report that has just been released following a survey conducted by the Sport Industry Research at Hallam Sheffield University, golf's economic value to St Andrews, Fife and the wider Scottish economy is £317 million annually - the equivalent of the country hosting three Open Championships every year. Advertisement Hide Ad Advertisement Hide Ad The figure was described as 'astonishing' as St Andrews Links Trust, which commissioned the survey, hosted an event at Dynamic Earth in Edinburgh attended by North East Fife MP Wendy Chamberlain, Scottish Government Business Minister Richard Lochhead and various other stakeholders on Tuesday. Neil Coulson, CEO of St Andrews Links Trust, is flanked Scottish Government Business Minister Richard Lochhead and Rob Dickson, Director of Industry & Events at VisitScotland, at Dynamic Earth in Edinburgh | St Andrews Links Trust The economic impact assessment focused on St Andrews, with the Links Trust, a charitable organisation that currently operates seven courses in the Fife town and is negotiating at the moment to add The Duke's to that list, being praised for having the 'foresight and tenacity' to commission the survey by VisitScotland's Director of Industry & Events, Rob Dickson. In 2023 alone, the Links Trust courses hosted more than 280,000 rounds - 54 per cent were played by visitors and 46 per cent by local ticket holders - with Americans making up nearly half of the 72 per cent of the visitors coming from overseas. 'I think there is much to celebrate - we are in a fantastic position,' said Chamberlain of where St Andrews stands in the game around the world. On a golf engagement at the same venue last year, Lochhead had been delighted about the Scottish Government and VisitScotland agreeing a new 11-year partnership with The R&A that will see 14 majors, including the 155th Open at St Andrews in 2027, being staged in the home of golf in a ten-year period. Advertisement Hide Ad Advertisement Hide Ad 'Golf at the moment is very vibrant - there is a lot of momentum,' he said on this latest visit across the road from the Scottish Parliament, adding with a smile: 'Golf is playing a big role in tourism and the role it plays is super important.' Concurring, Dickson described playing golf in Scotland as a 'flagship experience' that was 'top of the wishlist for many golfers' and said of the new report: 'We wish to be the world's best when it comes to tourism and looking at the success of St Andrews is no bad place to start'. In a speech, Neil Coulson, the chief executive of the Links Trust, said in a proud tone that St Andrews is where golfers from far and wide 'make their dreams come true' by playing there, especially the Old Course, but also said it was a 'national, economic, cultural and social asset'. On the back of a Drive initiative launched this year that is offering cut-price rounds to Scottish golfers, he vowed to ensure that St Andrews 'remains a place that is accessible and belongs to the many, not the few' and also that local golfers 'continue to have access to play on our courses and that tee times don't just become trophies for the privileged'. Advertisement Hide Ad Advertisement Hide Ad The Old Course at St Andrews is where golfers from around the world 'make their dreams come true' | St Andrews Links Trust In a message to stakeholders, meanwhile, it was stressed that a bid to use the report as a tool for growth extended well beyond the boundaries of the most-famous golfing venue in the world. 'This just isn't about golf at St Andrews,' declared Coulson. 'It's about how we work together to recognise what the country has to offer, the potential of 'Brand Scotland', to support local communities and to build a thriving local economy. We must work together. Collaboration is required across Government, industry, tourism and transport to harvest the opportunity to grow.' Asked later by The Scotsman what he saw that growth being, he added: 'I think there has to be some joined-up conversations about infrastructure and how people move around. And also about the experiences of people. There's lots of different sports and tourism sectors doing really good things, but it is how you join those up so the distillery piece is connected to a golf piece that is connected to a heritage piece. At the moment, they are a little bit isolated. They do really good things on their own, but I think the power of joining those up has got to be huge.' He acknowledged that the potential for growth in St Andrews itself in terms of attracting even more visitors was limited. 'At the end of the day, we have a finite amount of capacity,' conceded Coulson. 'So we need to maintain a balance between local and international and that is very important. Advertisement Hide Ad Advertisement Hide Ad 'St Andrews is an intrinsic link between the community and the golf course. We can't just flood it with visitors and ignore that local dynamic. It is not a case of introducing more visitors. In our space, it is understanding what the value of the visitors is that we have now and then looking at how we spread the benefit. 'We can't grow economic and social benefit by just getting more people into St Andrews. But we can do it by trying to collaborate and pushing some of that around Scotland, so we can be a catalyst for people coming - that would be a good thing. 'There are lots of great places to visit and great places to go and stay and experience. It doesn't have to be St Andrews. We might be the driver for them to come in but they can then go out and do other things. That's how I think we grow. It's not just about St Andrews; it's about the national assets that are out there.' Advertisement Hide Ad Advertisement Hide Ad


Metro
16 hours ago
- Metro
Abramovich sends emotional plea to Chelsea after breaking silence on club sale
Roman Abramovich has broken his silence on the pain of being forced to sell Chelsea as a consequence of the ongoing Russia-Ukraine war. Three years after the Russian billionaire was forced to cut ties with the Premier League club, the British government are still threatening to go to to court to ensure the proceeds reached victims of the conflict in Ukraine. Abramovich was sanctioned in the wake of Russia's invasion in 2022 and sold two-time Champions League winner Chelsea to a consortium fronted by Americans Todd Boehly and Clearlake Capital for £2.5 billion in May of that year. In a new book, 'Sanctioned: The Inside Story of the Sale of Chelsea FC' the 58-year-old, who funded and presided over two decades of unprecedented success at Stamford Bridge, addresses the pain of effectively being ousted from his position. When asked on Chelsea and the future, Abramovich said: 'Perhaps one day there would be a situation where I could attend a match and say a proper goodbye, but nothing more than that. Wake up to find news on your club in your inbox every morning with Metro's Football Newsletter. Sign up to our newsletter and then select your team in the link we'll send you so we can get football news tailored to you. 'I don't have any interest in any role in a football club, certainly not a professional role. 'There might be something where I could help with academies and youngsters, giving greater opportunities to people from difficult backgrounds, if there were an initiative that could make a difference. 'But as for ownership or a professional role at a club, I am done with that in this lifetime.' Abramovich said before the sale that net proceeds would go to a charitable foundation 'for the benefit of all victims of the war in Ukraine.' But the money remained frozen in a bank and the British government said it was still to make its way to those in need. A joint statement by Treasury chief Rachel Reeves and Foreign Secretary David Lammy earliest this month confirmed the government was ready to mount legal action. 'The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion. We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far,' they said. 'While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.' Abramovich was sanctioned when the British government targeted what then-Foreign Secretary Liz Truss described as 'oligarchs and kleptocrats' with close links to Russian President Vladimir Putin and 'complicit in his aggression.' More Trending The funds from the sale, however, still belong to Abramovich even though they are frozen. They cannot be used or moved without the issue of a licence from the Office of Financial Sanctions Implementation. In the soon to be released book, Abramovich also said he would not allow himself to be distracted by the accusations towards him 'There is an old Russian saying, 'The dogs bark but the caravan keeps moving,' and that fits here,' he also told the book's author, Nick Purewal. 'Whatever I do, people will always accuse me of some kind of agenda. In the end, I have done what I have done simply to try to help.' MORE: Arsenal suffer fresh Benjamin Sesko blow with rival bid for striker made MORE: Manchester United advised to sign £40m Arsenal target in Marcus Rashford swap deal MORE: Thomas Tuchel names two clubs with 'huge advantage' in next season's Premier League


The Herald Scotland
17 hours ago
- The Herald Scotland
US stock futures little changed ahead of US-China trade talks
Wholesale price data are due the next day and could give investors an idea of whether there is inflation coming down the pipeline to Americans. Wholesale prices are what businesses pay for their goods and services. At the end of the week, a new consumer sentiment reading from the University of Michigan also includes data on inflation expectations. Separately, officials from the U.S. and China are expected to hold trade talks in London, Trump said last week. The talks follow a phone call between Trump and Chinese President Xi Jinping after Trump accused China of violating terms of a tariff pause agreed on last month in Switzerland. At 5:45 a.m. ET, futures linked to the blue-chip Dow rose 0.12%, while broad S&P 500 futures added 0.12% and tech-heavy Nasdaq futures were flat. All three indexes closed higher last week, and the S&P 500 is now less than 3% from its record high. The S&P 500 topped the 6,000 mark for the first time since Feb. 21. Investors will also continue to watch the path of the One, Big Beautfil bill in the Senate after a public and fierce tit-for-tat exchange between Tesla chief executive Elon Musk and Trump over social media about the tax bill. Musk called the bill a "pork-filled Congressional spending bill is a disgusting abomination," and Trump called Musk "crazy." Cryptocurrency Cryptocurrency platform Gemini said it confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of class A shares. The IPO is expected after the SEC review process, it said in a release. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.