June auction set for 30 Broad with $162.9M judgment

The referee in a foreclosure case InterVest Capital Group, the company formerly known as Wafra Capital Partners, filed last July, set June 25 as the auction date for the ground lease that controls 30 Broad Street in the Financial District of Manhattan, that has a judgment lien of $162.9 million, according to the court’s notice of sale.

Case 850260/2024 LINK

InterVest filed a $126.4 million pre-foreclosure action against an affiliate of Tribeca Investment Group which controls the office building at 30 Broad Street in New York State Supreme Court in Manhattan on July 25, 2024.

The office building in Financial District has 370,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 88 feet and is 149 feet deep with a total lot size of 13,220 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $141.7 million.

According to the complaint, “On or about January 27, 2023, M&T Bank, as Administrative Agent, Borrower, the Lenders, and guarantors, William Brodsky, Mark Gordon, Elliot Ingerman and Edge Principal Investments III, L.P. (collectively, “Guarantor”) entered into that certain Forbearance Agreement (the “Original Forbearance Agreement”), dated as of January 27, 2023… Additional Events of Default have occurred and are continuing under the Forbearance Agreement as a result of Borrower’s failure to make any of the required payments in accordance with the Forbearance Agreements…”

Court filings represent the position of one party and are not necessarily accurate or complete.

Tribeca Investment Group, led by Elliott Ingerman and Bill Brodsky, under the name Tribeca Associates, bought the leasehold in 2016 for $130 million, and took out a $96 million loan from M&T Bank at the time. The owners refinanced the loan in 2019, borrowing a total of $124.6 million.

The property faced several challenges that put pressure on the value of the loan, including that it faces a ground rent reset in 2035, and that office space values have declined sharply as workers continue to work from home in significant numbers.

The fee owner of the property is Solil Management, which owns and manages the assets of the estate of Sol Goldman. The lease expires in 2079 but will be reset in 2035 to pay 4.5 percent of the property’s market value. The annual rent was $2.7 million at 2016, when Tribeca bought the ground lease.

In February 2024, InterVest bought the loan from M&T Bank, as PincusCo first reported at the time.

InterVest Capital Partners changed its name from Wafra Capital Partners in 2022. The company was originally the Structured Finance and Business Development Divisions of Wafra, Inc., but in 2012 became a separate operating entity from Wafra, according to a company release.

Wafra Inc., also headquartered in Manhattan, is owned by the Kuwait Public Institution for Social Security.

InterVest in 2023 bought a defaulted loan on a building it owns at 300 Lafayette Street.

Direct link to the property’s ACRIS page.