February auction set for APF office with $75.7M judgment, appeal filed

The referee appointed to manage the New York State Supreme Court foreclosure auction of APF Properties‘ 16-story office building at 25 West 45th Street, in Midtown West, set the date for February 6, 2026, at the New York County Courthouse in Manhattan, according to a notice of sale published December 31, 2025. The approximate amount of the judgment was $75.7 million.

A week before the notice of sale was published, APF Properties filed an appeal, on December 24, 2025, with the New York State Supreme Court’s Appellate Division, First Department, asking for a reversal of the judgment of foreclosure and sale decision handed down October 16, 2025. The appeal description was brief, stating only, “The Court erred in granting judgment of foreclosure to the Plaintiff.”

Case 850160/2024 LINK

Rialto Capital Advisors, the servicer for bondholders of Series COMM 2014-CCRE15 Mortgage Trust, initiated the foreclosure action in May 2024, as PincusCo first reported at the time.

APF Properties is led by Kenneth S. Aschendorf and Berndt Perl.

APF Properties was able to sell another property facing foreclosure. In January 2025, APF Properties sold an office building in Midtown West that had been facing foreclosure. The buyer was the Soloviev Group, which paid $67.2 million.

According to the complaint, “Borrower failed to timely make the payment due and owing under the Note and Loan Documents for the months of November and December 2023…” in addition, APF missed the August 1, 2023 payment for a lease termination agreement, triggering another alleged default, and finally the loan was not repaid on its maturity date in January.

WeWork entered into a lease termination agreement in 2023 in which it would end the lease in the building and pay APF a total of $2.79 million in a series of payments. As part of the agreement, APF had to remit the monthly payment of the termination fee, $121,139, to the lender. APF, the complaint says, has stopped making those payments.

The current unpaid principal of the loan as of the filing was $64.3 million. Rialto Capital Advisors is servicer of the loan.

APF bought the building in December 2000 from Aby Rosen’s RFR Holding for $32.875 million, borrowing $30 million at the time from Helaba, the German bank.

The property

The office building in Midtown West has 187,567 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,041 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial. The city-designated market value for the property in 2022 is $55.7 million.

Prior sales, articles and revenue

The 187,567-square-foot property generated revenue of $10.1 million or $54 per square foot, according to the most recent income and expense figures.

The surrounding

Within a 400-foot radius of 33 West 45 Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months. Of those 12 items, one was in new building development. It was a new building permit application filed on June 16, 2025 for a 108,411-square-foot residential (R-2) building with 125 residential units at 16 West 45th Street. Of those 12 items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 15, 2025 for the $1.6 million renovation of 294,000-square-foot hotel/dormitory/shelter (J-1) building with 399 residential units at 45 West 44th Street. Of those 12 items, five were sales above $5 million totaling $207.8 million. The most recent of the five was Arnold & Porter Kaye Scholer registered which bought the 126,000-square-foot rental (H6) on 30 West 46th Street for $92 million from Magna Hospitality Group on October 7, 2025. Of those 12 items, five were loans above $5 million totaling $703.9 million. The most recent of the five was Arnold & Porter Kaye Scholer registered in which borrowed $77.4 million from City National Bank secured by the 126,000-square-foot rental (H6) on 30 West 46th Street on October 7, 2025.

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