Amalgamated Bank takes deed valued at $17M from former owner Rutherford “Ruddy” Thompson on troubled development site in Washington Heights

Amalgamated Bank through the entity Fort Tryon Overlook Property Owner, LLC acquired from former owner Rutherford “Ruddy” Thompson’s Fort Tryon Tower SPE LLC the parcels 35 Overlook Terrace, 524 Ft Washington Avenue and West 184th Street in Washington Heights, with a value of $16.9 million. The deal closed on February 20, 2020, and was recorded on February 24, 2020. The transaction consists of 3 parcels, including the tax class unlicensed parking lot (G7). The parcel(s) have total development potential of 127,559 square feet.
The average sale price per square foot is $132.

Amalgamated Bank took back the property. It had lent $95 million in debt in 2007, according to Acris filings. Thompson bought the land in 2002. Crain’s reports on the long saga here.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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