$55M foreclosure sale date set for Winter Properties Greenwich Village office building

The referee in a foreclosure action that special servicer LNR Partners initiated in 2024 on allegations that a loan with an original principal of $55 million and secured by Winter Properties’ Greenwich Village loft-style office building  at 57-59 East 11th Street, was in a payment default, set the date of September 17, 2025, to auction the building.

The current total judgment is more than $61.7 million, according to a notice of sale filed with the court on July 30, 2025.

Case 850285/2024 LINK

LNR Partners initiated the pre-foreclosure action August 7, 2024, in New York State Supreme Court in Manhattan, as PincusCo reported at the time.

Members of the Winter family have owned a stake of the building since at least the 1940s. Winter Properties is led by David Winter and David Millstone, and is a division of a broadly based investment company called Standard Industries. In a New York Times interview in 2015, Winter said the family formed Winter Properties as a generational shift from Winter Organization, which his grandfather Benjamin Winter Sr. formed in the 1900s.
The firm invested capital in the building to attract TAMI tenant, tech, advertising, media and information, expecting to signed leases at as much as $80 per foot, Winter said in the interview.

In April 2019, the Winter Properties entity Namor Realty Company L.L.C. obtained a $55 million loan from Citibank, which was packaged into a securitized trust called GS Mortgage Securities Trust 2019-GC40, Commercial Mortgage Pass-Through Certificates Series 2019-GC40. According to the complaint, “Events of Default have occurred under the Loan Documents as a result of, among other things, Borrower’s failure to timely pay Plaintiff the Monthly Payment due under the Loan Documents on December 6, 2023 (the “Payment Default”).”

The office building in Greenwich Village has 56,952 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 54 feet and is 103 feet deep with a total lot size of 5,576 square feet. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $25.4 million.

Violations and lawsuits

According to city public data, the property has received $1,000 in OATH penalties in the last year.

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $55 million commercial foreclosure concerning a loan filed on August 7, 2024, by Series 2019-GC40 and LNR Partners against Winter Properties.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 8th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 22nd highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 196,872 square feet of the 524,839 square feet. The largest owner is Bijan Nassi, followed by Magnum Real Estate Group and then Minoo Shaoul. On the tax block, there was one new building construction project filed totaling 30,000 square feet. It is a 40-unit, 30,000 square-foot residential (R-2) building submitted by Magnum Real Estate Group and filed by Alexander Laszlo with plans filed December 28, 2020 and permitted March 10, 2025.

The surrounding

Within a 400-foot radius of 59 East 11 Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months. Of those 11 items, one was in new building development. It was a new building permit issued on March 10, 2025 for a 30,000-square-foot residential (R-2) building with 40 residential units at 815 Broadway. Of those 11 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on May 27, 2025 for the $300,000 renovation of 164,756-square-foot 53 building with zero residential units at 93 University Place. Of those 11 items, four were sales above $5 million totaling $322.8 million. The most recent of the four was David Switzer which bought the 6,816-square-foot, five-unit mixed-use building (K4) on 86 University Place for $8 million from Gould Investors on March 31, 2025. Of those 11 items, five were loans above $5 million totaling $74.7 million. The most recent of the five was Bijan Nassi in which borrowed $22.5 million from T30 Capital secured by the 41,490-square-foot, eight-unit mixed-use building (O8) on 58 East 11th Street and two other properties on July 29, 2025.

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