Courts roundup: $55M foreclosure at Hakimian’s 75 Wall; Velocity forecloses on $2.3M in Bronx
Courts roundup covering March 9 and 10, 2021: 11 commercial foreclosures totaling $64 million, with $55 million of that from the 75 Wall Street filing, detailed below.
There were no real estate bankruptcies of note filed in New York City
$55M foreclosure filed at Hakimian’s 75 Wall: A plaintiff with an address at the offices of Annaly Capital Management filed a lawsuit yesterday seeking to foreclose on a $55 million loan Annaly gave to the Hakimian Organization secured by the hotel condominium unit at 75 Wall Street in the Financial District in 2019. The hotel was branded the Andaz Wall Street. The loan was rolled into a collateralized loan obligation (CLO) identified as NLY 2019-FL2. At the time, the property was valued at $109 million, the Commercial Observer reported at the time. Hakimian organization bought the former office building in 2006 and converted it into residential, retail and hotel building. On February 9, 2021, the CLO sold the loan to 50 Wall Lender LLC, the company with an address at 1211 Sixth Avenue, 41st Floor, which is the same address as Annaly.