$180M pre-foreclosure filed at APF Midtown West office building, 3rd for owner since 2024

LNR Partners, representing bondholders of the securitized trust Series 2015-C27, filed a $180 million pre-foreclosure action Thursday alleging the loan secured by APF Properties’ 287,894-square-foot office building at 28 West 44th Street in Midtown West, Manhattan, was in a maturity default.

LNR Partners, the special servicer for the loan, filed the complaint in New York State Supreme Court in Manhattan on July 3, 2025.
Case LINK

APF Properties is led by Kenneth Aschendorf and Berndt Perl. This is the third pre-foreclosure action filed against APF Properties in the past 18 months. The first, filed in January 2024, for a $60 million loan secured by 24 West 57th Street, was resolved with the $67.2 million sale of the property to Soloviev Group. The second, filed in May 2024, for a $70 million loan secured by 25 West 45th Street, remains active.
While APF Properties has struggled to refinance some properties, it did refinance 183 Madison Avenue with a $177.4 million loan, in January 2025.

According to the new complaint, “Following the occurrence of certain defaults committed by Borrower under the Loan, Lender, Borrower, and the Guarantors entered into a Consent and Modification Agreement (the “Modification Agreement”), effective as of May 30, 2024…Borrower failed to pay the Debt in full on the January 1, 2025 Maturity Date, or at any point before or after the Maturity Date… Pursuant to the Loan Documents and applicable law, the unpaid balance of Borrower’s obligations under the Loan Documents includes (i) the unpaid principal amount of $180,000,000.00, (ii) accrued and unpaid interest at the non-default rates of 4.38181% per annum for Note A-1 and Note A-2, and 6.50% per annum for Note B…”

Court filings represent the position of one party and are not necessarily accurate or complete.

The property

The office building in Midtown West has 287,894 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 141 feet and is 200 feet deep with a total lot size of 19,250 square feet. The lot is irregular. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial. The city-designated market value for the property in 2022 is $131.5 million.

Prior sales and revenue

This property was sold for $161 million on May 3, 2011.

The 287,894-square-foot property generated revenue of $20.7 million or $72 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $3,550 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 2nd highest sale turnover among other neighborhoods in the city with $2.9 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 35.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 46 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 455,504 square feet of the 1,234,508 square feet. The largest owner is APF Properties, followed by MCR and then Princeton Club. On the tax block, there was one new building construction project filed totaling 523,188 square feet. It is a 98-unit, 523,188 square-foot business (B) building submitted by Rabina and filed by Ian Klein with plans filed January 4, 2021 and permitted September 1, 2022.

The owner

The PincusCo database currently indicates that APF Properties owned at least five commercial properties in New York City with 794,493 square feet and a city-determined market value of $265.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. The bulk, or 87 percent of the built space, is in Manhattan, with Bronx next at 13 percent of the space.

The surrounding

Within a 400-foot radius of 31 West 43 Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, four were sales above $5 million totaling $471.9 million. The most recent of the four was Amazon which bought nine condo units in the 147,630-square-foot, 11-unit mixed-use building (RC) on 522 Fifth Avenue for $340 million from RFR Holding on May 9, 2025. One of those five items was a loan which MCR borrowed $30 million from Maxim Capital Group secured by the 103,750-square-foot, two-unit hotel (HB) on 47 West 43rd Street on December 11, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.