Fortress, Global Holdings, Zeckendorf, Madison Cap. refi $125M 15 CPW retail threatened by foreclosure

Parters Fortress Investment Group, Global Holdings Management Group, Zeckendorf Development, and Madison Capital through the entity 1880 Broadway Retail LLC as borrower signed a refi loan with the securitized trust Series 2012-C6 valued at $125 million for the retail condominium unit at 1880 Broadway at the base of the residential condo building 15 Central Park West in Lincoln Square, Manhattan.

The deal closed on May 2, 2025 and was recorded on May 9, 2025.

The prior lender was Series 2012-C6 which held debt that had an original loan amount of $125 million.

The property has 83,314 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,500 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Fortress Investment Group , Global Holdings Management Group , Zeckendorf Development , and Madison Capital was Peter Allen . The signatory for 1880 Broadway Retail, LLC was Brett Mann . The companies are listed in order of their stake in the property, as provided in 2023.

In this loan modification, the $125 million loan originated in 2012 was extended to March 1, 2030. The special servicer, LNR Partners representing bondholders filed a pre-foreclosure suit in March 2023, as PincusCo first reported.

According to court records, following a judgment of foreclosure signed by the court in September 2024, and “…after negotiations, the Plaintiff agreed on a settlement amount with the Borrower to satisfy the Note and Mortgage.”

A total of $132.7 million was owed as of a February 2024 calculation by the court-appointed referee. Neither court documents nor property transfer records identified the amount of a paydown, if any, or the current amount of the loan.

Earlier this month, the parties submitted an order in the foreclosure case,  stipulating the termination of the foreclosure action. That order, as of publication of this article, has not yet been signed.

The property

The retail condo in Lincoln Square has 83,314 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 83,314 square feet. The city-designated market value for the property in 2022 is $128.4 million.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Lincoln Square, The majority, or 61 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Lincoln Square has near average sales volume among other neighborhoods with $299.4 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Lincoln Square is the 9th most active neighborhood among other neighborhoods. It had 4.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 24 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The borrower

The PincusCo database currently indicates that Global Holdings Management Group owned at least six commercial properties with 583 residential units in New York City with 1,467,086 square feet and a city-determined market value of $555.2 million. (Market value is typically about 50% of actual value.) The portfolio has $904.7 million in debt, with top three lenders as Wells Fargo, Helaba, and Global Holdings Management Group respectively. Within the portfolio, the bulk, or 61 percent of the 1,467,086 square feet of built space are office properties, with elevator properties next occupying 31 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Madison Capital owned at least six commercial properties in New York City with 1,325,217 square feet and a city-determined market value of $238.6 million. (Market value is typically about 50% of actual value.) The portfolio has $385.4 million in debt, with top three lenders as JPMorgan Chase, Blackstone Mortgage Trust, and Societe Generale respectively. Within the portfolio, the bulk, or 89 percent of the 1,325,217 square feet of built space are industrial properties, with office properties next occupying 7 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.
The PincusCo database currently indicates that Fortress Investment Group owned at least three commercial properties with 594 residential units in New York City with 589,218 square feet and a city-determined market value of $132.3 million. (Market value is typically about 50% of actual value.) The portfolio has $377.9 million in debt, with top three lenders as Northwind Group, MetLife, and Prime Finance respectively. Within the portfolio, all identified are elevator properties. They are all located in Manhattan.
The PincusCo database currently indicates that Zeckendorf Development owned at least two commercial properties with 307 residential units in New York City with 757,876 square feet and a city-determined market value of nan. (Market value is typically about 50% of actual value.) The portfolio has $136.6 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are D7 properties. They are all located in Manhattan.

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