Lender InterVest Capital wins FiDi office through foreclosure, had $182.5M judgment

Lender InterVest Capital Partners through the entity ICP 30 Broad Owner LLC took title through a judicial foreclosure for a ground lease that controls the office building (O4) at 30 Broad Street in the Financial District, Manhattan. The former owner was Tribeca Investment Group, and the total judgment was $182.5 million, which was the transfer value upon which state transfer taxes were paid.
The foreclosure auction was on June 25, 2025, the transfer closed on July 9, 2025 and it was recorded on July 23, 2025. The property has 370,000 square feet of built space according to a PincusCo analysis of city data. The transfer price per built square foot is $493 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 the court was referee Jeffrey Robert Miller . The transfer amount in Acris was just $6,567, which does not represent the value of the asset. The buyer paid state taxes on $182,472,774.71 , which was the total judgment at the time of auction, held on June 25, 2025. No taxes were paid to the city.

InterVest Capital Group, the company formerly known as Wafra Capital Partners, filed a $126.4 million pre-foreclosure action against an affiliate of Tribeca Investment Group which controlled the office building at 30 Broad, through a long-term ground lease.
Case LINK

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 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.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer InterVest Capital Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Tribeca Investment Group had not purchased any other properties and had not sold any properties over the same time period. The 370,000-square-foot property generated revenue of $26.9 million or $73 per square foot, according to the most recent income and expense figures.

The property

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. The most recent loan totaled 0.0 and was provided by InterVest Capital Partners on February 23, 2024.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $126.4 million commercial foreclosure concerning a loan filed on July 25, 2024, by InterVest Capital Group against Tribeca Investment Group. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 12, 2021. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 14.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 370,000 square feet of the 1,566,893 square feet. The identified owner is Tribeca Investment Group.
There are no active new building construction projects on this tax block.

All properties are office.

The seller

The PincusCo database currently indicates that Tribeca Investment Group owned at least one commercial property in New York City with 370,000 square feet and a city-determined market value of $130.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Intervest Capital Partners owned at least 17 commercial properties with 504 residential units in New York City with 1,785,338 square feet and a city-determined market value of $216.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 1,785,338 square feet of built space are office properties, with elevator properties next occupying 14 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Bronx next at 28 percent of the space.

Direct link to Acris document. link