Watermark Capital Group is facing foreclosure on its Sunset Park megaproject after allegedly defaulting on a $45.3 million loan from Rialto Capital Group. The project at 6128 Eighth Avenue, which involved plans for a 28-story, 497-unit building, marks the third failed attempt to develop the site, previously a railyard. Despite having overcome some regulatory challenges, including avoiding a public review process, the project stalled, leading to the foreclosure lawsuit. Watermark had taken over the project after acquiring it from previous developers who also faced difficulties with the site.
6128 Eighth Avenue
