PincusCo recap: Week ending February 17

Distress remains the top news for New York City commercial real estate, accounting for the top recorded sale of the week, as well as six bankruptcy filings, an unusually high number. The average number of bankruptcy filings over the past 12 months was six cases in an entire month.

The largest sale recorded last week was Fortress Investment Group taking control of the mostly completed condo tower at 125 Greenwich Street in the Financial District from Bizzi & Partners. Fortress was the prior debt holder and to finance the acquisition, Northwind Group provided a $313 million senior loan that was itself financed in part by a loan-on-loan from Madison Realty Capital.

Erno Bodek submitted the largest bankruptcy filing, for a Chelsea development with an estimated $80 million stabilized value. The other five bankruptcy filings were for much smaller properties, with the largest at $4.5 million, which was a second bankruptcy filing on that parcel.

Biggest sales:

Biggest loans:

Distress news:

The top five most-read stories on the PincusCo site last week were:

1) $105M pre-foreclosure at Thor Equities’ 597 Fifth Avenue

2) Lipa Friedman as signatory borrows $66.5M from New York Community for 351-unit rental in Williamsburg (story from 2020)

3) Dennis Druzhinsky files plans for 40-unit resi building in Rockaway Park (story from 2022)

4) Sage Hall Partners buys $81M note secured by Shorewood’s former AKA United Nations hotel in Grand Central

5) Madison Realty provides loan-on-loan to Northwind for its $313M Fortress financing in FiDi 

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