For the fourth time, the foreclosure auction of six railyard development sites has been postponed, this time to July.

Yes, the foreclosure auction of developer Greenland USA's rights to six development sites (B5-B10) over the Metropolitan Transportation Authority's Vanderbilt Yard has been postponed, for the fourth time, this time to July. 

(I didn't get a date yet, but will update when I know more.)

That's according to a spokesman for the developer, which is not in charge of the auction. Rather, a representative of the lenders, controlled by the U.S. Immigration Fund--a "regional center" that recruited immigrant investors under the EB-5 program--initiated the foreclosure, announcing auction dates in January, February, April, and June. 

The development rights, which encompass about 3.5 million square feet, served as collateral for the initial $249 million and $100 million loans.

I had predicted that the auction would be postponed, because there's a lot of moving parts. 

After a partial repayment, Greenland owes about $286 million to the investors, who invested in two tranches, but it's not clear the development rights are worth that, especially given the pending $2,000/month fines for each of the 876 remaining affordable housing units due by May 2025.

So any bidder, which would take over nearly all--excepting Site 5--of the future project, presumably must also have to negotiate with Empire State Development (ESD), the state authority that oversees/shepherds the project, and the Metropolitan Transportation Authority, which must permit construction of the platform for vertical development, while protecting railyard functions below.

Will ESD be asked to waive, postpone, or renegotiate the fines?