AIG Files Default on $192MM Loan Backing 300,000 SQFT Phelan Building at 760 Market in San Francisco

Lender AIG has started the foreclosure clock on the Phelan Building at 760 Market Street, filing a notice of default against the Hotung family-linked owner of the 1908 Union Square flatiron less than two months after the debt on the landmark was shopped to investors as a note sale.