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Atlas Hospitality signs Times Square ground lease valued at $59M where it plans 401-key hotel

Sale — 12/5/2022 12:45

Atlas Hospitality through the entity 711 Seventh Hotel Associates LLC signed a 99-year ground lease valued at $58.9 million with long-time owners, who are members of the Schwesinger, Daniel and Shworles families, through the entity Corner Locations II, L.P. for control of an L=shaped parcel at 711 Seven Avenue in Times Square, Manhattan. The property also has frontage on 48th Street, but does not control…

Joel Schwartz signs $22.3M refi loan with Jovia for new building in Greenpoint

Loan — 12/5/2022 7:55

Joel Schwartz through the entity 411-417 Meeker LLC as borrower signed a refi loan with lender Jovia Federal Credit Union through the entity Jovia Commercial Lending LLC valued at $22.3 million for the new building at 411-417 Meeker Avenue in Greenpoint, Brooklyn. The deal closed on November 29, 2022 and was recorded on December 2, 2022. The prior lender was BridgeCity Capital which held debt…

Naftali Group signs $83M refi with Bank OZK for 431-unit projects in Williamsburg

Loan — 12/5/2022 7:54

Naftali Group through the entity 470 Kent Ave Associates LLC as borrower signed a refi loan with lender Bank OZK valued at $83 million for the industrial building (F5) at 470 Kent Avenue in Williamsburg, Brooklyn. On this parcel, Miki Naftali’s Naftali Group filed plans for two mixed-use buildings with a total of 431 units and more than 486,000 square feet in Williamsburg, Brooklyn, in…

Conway Capital pays $3M to Madison Realty Capital for residential walkup in Park Slope

Sale — 12/5/2022 7:47

Conway Capital through the entity 350 5th Street CC LLC paid $3 million to Madison Realty Capital through the entity 350 5th Street Owner LLC for eight-unit residential walkup building (C1) at 350 5th Street in Park Slope, Brooklyn. The deal closed on November 18, 2022 and was recorded on December 2, 2022. The property has 6,300 square feet of built space according to PincusCo…

Shahid Mughal pays $4M for retail in Brighton Beach

Sale — 12/5/2022 7:45

Shahid Mughal through the entity 231 Neptune Ave LLC paid $4 million to Leonid Kapelushnik and Anna Kapelushnik through the entity Kalm Enterprise, LLC for the retail building (K1) at 231 Neptune Avenue in Brighton Beach, Brooklyn. The deal closed on November 29, 2022 and was recorded on December 2, 2022. The property has 5,896 square feet of built space and 15,247 square feet of…

Rialto Capital acquires $5.2M retail condo from Delshah Capital in SoHo

Sale — 12/5/2022 7:41

Rialto Capital through the entity Rss Msc2019-L2-Ny 1ml, LLC acquired a retail condo at 597 Broadway in SoHo, Manhattan, for $5.2 million from Delshah Capital through the entity 170 Mercer LLC. The deal closed on November 21, 2022 and was recorded on December 2, 2022. The property has 2,013 square feet of built space according to PincusCo analysis of city data. The sale price per…

Judge orders foreclosure sale of Tribeca retail condos with $15.5M in debts

Other — 12/5/2022 6:48

A New York State Supreme Court justice has ordered the sale of four Tribeca retail condominium units at 377 Broadway that have $15.5 million in debts, according to a court records. The property is owned by an affiliate of B+B Holdings. The order was signed Friday. Ilan Bracha and Haim Binstock’s B+B Capital acquired the four condo units in June 2014 for $10 million. They…

Thor loses Soho retail with $49M debts in foreclosure sale

Sale — 12/5/2022 5:56

Thor Equities lost two retail condominium units at 115 Mercer Street in Soho through a foreclosure sale on October 26, 2022, according to court records. The units with 6,730 square feet of space combined, had a total of $49 million in debts, according to the court filing. The sale has not yet been recorded in Acris. The buyer was not identified. Retail properties have been…

Courts roundup: Another Kalimian family lawsuit, $41M hotel pre-foreclosure, Trump Org sues co-op after water damage

Other — 12/4/2022 6:33

At least fourth recent action filed over large Kalimian portfolio: Justin Amirian of Eagle Point Properties along with Edna Kalimian Amirian (his mother) and Saeed Amirian, filed a summons noting an unspecified contract dispute with Justin Amirian’s uncle Albert Kalimian and aunts Debra Kalimian and Rita Kalimian Sakhaie, related to three properties, 259 West 10th Street, 140 Wooster Street and 142 Wooster Street. The dispute…

Soundview Real Estate signs $94M refi with MSD Partners for two hotel properties near JFK airport

Loan — 12/2/2022 9:29

Soundview Real Estate Partners through the entity 135th Avenue JFK Property LLC as borrower signed a refi loan with lender MSD Partners through the entity Msd Rcof Partners LXII, LLC valued at $94 million for two hotel properties including the hotel building (H3) at 135-25 142nd Street in South Ozone Park, Queens and hotel building (H3) at 142-30 135th Avenue in South Ozone Park, Queens….

Torkian Group signs $145M construction loan for 106-unit development in Yorkville

Loan — 12/2/2022 9:19

Torkian Group through the entity 83 Owners LLC as borrower signed a new construction loan with lender Valley National Bank valued at $145 million for the 106-unit development at 250 East 83rd Street in Yorkville, Manhattan. On the lot, there is one active new building construction project for a 106-unit, 120,969 square-foot residential(R-2) building. The project was submitted by Annie Xiao with plans filed July…

William Kaufman Organization signs $155M refi with Signature for office building in Midtown East

Loan — 12/2/2022 9:14

The William Kaufman Organization through the entity 7 Third Avenue Leasehold LLC as borrower signed a refi loan with lender Signature Bank valued at $155 million for the office building (O4) at 777 Third Avenue in Midtown East, Manhattan. The deal closed on November 18, 2022 and was recorded on December 1, 2022. The prior lender was Transamerica Life Insurance Company which held debt that…

Medhat Mohamed pays $2.2M for 6-unit walkup in Astoria

Sale — 12/2/2022 9:06

Medhat K. Mohamed through the entity 2618 LLC paid $2.2 million to Frank M. Soccoli, Mark Anthony Soccoli, and Rita Dumanski for the six-unit residential walkup building (C2) at 26-18 28th Street in Astoria, Queens. The deal closed on November 18, 2022 and was recorded on December 1, 2022. The property has 4,080 square feet of built space and 925 square feet of additional air…

Promesa Foundation pays $2.8M for development in Mt Hope

Sale — 12/2/2022 9:03

Promesa Foundation through the entity Promesa Foundation Inc. paid $2.8 million to Shadan Harooni through the entity Eden Capital Group Inc. for development site (V0) at 1852 Anthony Avenue in Mt Hope, Bronx. The deal closed on November 29, 2022 and was recorded on December 1, 2022. The property has zero square feet of built space and 27,932 square feet of additional air rights for…

Sunoco pays $6.3M to Bill Wolf Petroleum for two gas stations in Brooklyn

Sale — 12/2/2022 8:59

The gas retailer Sunoco through the entity Sunoco Retail LLC paid $6.3 million to Bill Wolf Petroleum Corp. for two gas station properties in two separate transactions, one in Bensonhurst and the other in Bedford-Stuyvesant. The PincusCo database currently indicates that Bill Wolf Petroleum Corp. owned at least 60 commercial properties in New York City with 114,261 square feet and a city-determined market value of…

12-months of investment sales available on PincusCo

Other — 12/2/2022 7:01

PincusCo Media is pleased to present 12 months (by recorded date) of investment sales on our website, a new feature that will be updated daily, but currently is updated weekly as a beta test. You can sort and filter, though sorting is a bit slow, so please be patient. We will follow this with Loans, if all goes well. You can find the links on…

Courts roundup: Investor says Joel Schreiber owes $1.5M, retail lease suits in Hell’s Kitchen, Alphabet City

Other — 12/2/2022 6:41

Investor claims Joel Schreiber still owes $1.5M from 2018 purchase: The plaintiff, an affiliate of Israeli investor Hanania Shemesh, alleges Watermark Capital CEO Joel Schreiber defaulted on a February 2022 confession of judgment totaling $1.675 million, which represented the unpaid balance from Schreiber’s $3 million purchase in 2018 of a 29.24 percent interest in 2307 Broadway, a three-story, 9,900-square-foot retail building. Schreiber already owned the…

Pacific Premier provides Thorofare “loan-on-loan” financing at CODA Williamsburg hotel

Loan — 12/1/2022 12:23

Irvine, California-based Pacific Premier Bank provided a “loan-on-loan” to lender Thorofare Capital which earlier this year provided Empire Capital Holdings a $15.6 million loan secured by the 64-room CODA Williamsburg hotel (HB) at 160 North 12th Street in Williamsburg, Brooklyn. The loan-on-loan deal closed on November 21, 2022 and was recorded on November 30, 2022. The property has 25,059 square feet of built space and…

ZD Jasper Realty signs $32.4M refi loan with Bank Hapoalim for 82-unit dev site in Long Island City

Loan — 12/1/2022 8:03

ZD Jasper Realty through the entity Davis Street Development LLC as borrower signed a refi loan with lender Bank Hapoalim valued at $32.4 million for the development parcels at 45-17 Davis Street and 45-11 Davis Street in Long Island City, Queens. On these lots, there is one active new building construction project for a 82-unit, 62,313 square-foot R-2 building. The project was developed by Tom…

Rudin Management signs $55M refi loan with M&T Bank for office in Midtown East

Loan — 12/1/2022 7:59

Rudin Management through the entity 560 Lexco L.P. as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $55 million for the office building (O4) at 560 Lexington Avenue in Midtown East, Manhattan. The deal closed on November 22, 2022 and was recorded on November 30, 2022. The prior lender was Axa Equitable Life Insurance…

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