PincusCo weekly recap
6208 8th Avenue (Credit - Google)
The top news PincusCo reported last week was Watermark Capital Group and partner Maguire Capital Partners acquiring control of a parcel in Sunset Park that has as much 850,000 square feet in development potential, according to sources, if a land use goes according to plan. They have spent about $85 million securing ownership of the site in a complex process.
The biggest news of the week was in distress, with seven commercial foreclosures and one similar action to a foreclosure, which all totaled up to more than $158 million. The biggest was Maverick Real Estate Partners suing Chetrit Group for $106 million over a stalled hotel and retail complex in the Garment District.
Borrowers signed $1.2 billion in loans last week, with construction loans making up the largest portion, totaling $562 million, with borrowers including Slate Property Group, Madison Realty Capital and Carthage Advisors making up the top three construction loans.
Last week was also a relatively active week for note sales, with 10 note sale with more than $80 million in original principal.
Last week was slow in terms of commercial sales, with a total of just $208.5 million. The most expensive sale was just $15.1 million, which was Malky Feig’s purchse of a development site in Borough Park.
The top five most-read stories on the PincusCo site were:
2) Malky Feig pays $15.1M to Jacob Fulop for development in Borough Park
3) Maverick sues Chetrit for $106M, Thor for $25.5M, Yoel Goldman for $2.3M
4) Capstone Equities buys $41M note secured by Mitchell Holdings hotel in Penn Plaza
5) Anonymous note buyer files $22.6M West Village dev site bankruptcy