$61M pre-foreclosure on former Playboy Club building; $17M pre-foreclosure on Chelsea retail

$61M pre-foreclosure filed at former Playboy Club in Plaza District: In 2015, a joint venture of GreenOak along with Daniel Ghadamian and Josh Zamir’s Capstone Equities purchased 5 East 59th Street, the former home of the Playboy Club for $85 million. 5 East 59th Street is a 9-story building that includes 45,796 square feet of mixed use premises (35,211 square feet office; 10,585 square feet retail) located at 5 East 59th Street, New York, New York. According to the lender United Overseas Bank, “On June 19, 2015, a Promissory Note (“Acquisition Note”) in the original principal sum of $59,150,000.00, was given to the borrower. The Acquisition Loan matured as due and owing in full on June 18, 2021.”  LINK

Court filings represent the facts as perceived by one party, and are not necessarily accurate of complete.

$17M pre-foreclosure filed in on Chelsea retail: In 2014, Maguire Capital Group purchased the retail condo at 245 Seventh Avenue in the Chelsea Atelier for $31.5 million, and obtained a $17 million loan from Mercantil Commercebank, now Amerant Bank. The bank alleges the loan is in default. “Beginning in June 2021, Borrower has failed to make to Lender the monthly interest and escrow payments required by the Note within 10 days of their due date or at any other time. Borrower’s failure to make the required monthly payments constitutes an Event of Default under the Note, the Mortgage and the other Loan Documents. (See Mortgage § 8.1(i).) Lender, through its counsel, provided a Notice of Default and Acceleration to Borrower by letter dated August 20, 2021.” LINK