The number and dollar value of commercial foreclosures greater than $1 million filed in New York City so far in November indicate the volume may be higher than in October, according to a PincusCo analysis of court records.
In November so far, lenders have filed nine cases totaling $184 million in debt, compared with the full month of October, which had 15 cases with a total of $242 million.
The largest case filed so far this month was Westbrook Partners filing to foreclose on a $96 million loan secured by Urban Common’s hotel in Battery Park City.
The second-largest loan was Prime Finance filing to foreclose on a $52 million loan provided to Pink Stone Capital Group. Prime Finance, a lender and note buyer, filed a pre-foreclosure action seeking a sale of the property at 180 Nassau Street in Downtown Brooklyn. The elevator building with 103 residential units has 108,501 square feet of built space according to a PincusCo analysis of city data. The property was developed and is owned by Pink Stone Capital Group’s Richard Ohebshalom.