$23.8M foreclosure auction for Madison Realty Capital’s One Hanson retail set for late May

The date for a foreclosure auction to sell Madison Realty Capital’s landmarked retail condominium unit at the base of the residential condo conversion One Hanson Place is set for May 29, according to marketing materials from the brokers.

Madison Realty Capital and private equity firm Siguler Guff & Company, through the entity OHP Retail Owner LLC bought the unit in 2015 for $18 million. They refinanced in 2018 with a total of $22.25 million. The loan went into default in 2020, court records show, and according to the December 2023 judgment of foreclosure and sale, the stipulated judgment as of November 2023 was $23.8 million.

The building was designated a city landmark in 1977 and the interior space was designated a city landmark in 1996.

The notice of sale has not yet been published in the court docket.

The retail unit contains about 17,000 square feet of ground floor retail with ceilings as high as 63 feet, and about 16,000 square feet of usable lower level space, the marketing material says. The auction is being led by the brokerage Newmark.

The auction date comes almost exactly three years after the lender, Amherst Capital, through the entity ACM CRE Fund I-L, LP, filed the pre-foreclosure case on May 26, 2021.

Next door to One Hanson Place, Brooklyn owner and developer Watermark Capital Group, led by Wolfe Landau, signed a contract in February 2024 to pay $15 million for a church with a total of 164,460 square feet of development rights located in a Historic District in Fort Greene, Brooklyn.

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