Elchonon Shilian, David Shilian, and Abraham Shilian through the entity Ace Stuyvesant LLC paid $3.3 million to Hirshmark Capital through the entity Stuyvesant FS LLC for the 16-unit residential walkup building (C1) at 304 Stuyvesant Avenue in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing. This was a “real estate owned (REO)” transaction, since Hirshmark Capital as the former lender acquired title to the…
Rosemark Management through the entity 977 Second Ave Investors LLC paid $4.8 million to Roy Israel through the entity 977 Second Avenue LLC for the three-unit mixed-use building (S3) at 977 Second Avenue in Midtown East, Manhattan. The deal closed on October 1, 2024 and was recorded on October 15, 2024. The property has 4,460 square feet of built space and 9,534 square feet of…
Boruch Frankel through the entity Nefesh Management Corp. paid $6 million to Postal Realty Trust through the entity Eastern Postal Realty Holdings LLC for the specialty United States Post Office building (Z3) at 2549 Jerome Avenue in Fordham Manor, Bronx. The deal closed on October 10, 2024 and was recorded on October 15, 2024. The property has 13,000 square feet of built space and 27,426…
Genesis Companies and Lemor Development Group signed 99-year ground lease agreements with the landlord New York City Housing Authority valued at $111.9 million for 43 properties in Harlem, and at the same time borrowed $383.6 million for the rehabilitation of approximately 660 units in those buildings, financed by the New York City Housing Development Corporation. The two 99-year ground leases terminate on September 25, 2123….
The borrower that owns a Long Island City, Queens, hotel at 39-05 29th Street, and its lender, a group of investors through the entity STN Funding LLC, agreed to permit a $39.7 million foreclosure auction to take place to dispose of the asset. The consent judgment of foreclosure and sale was signed September 27, 2024, and entered on October 10, 2024. The consent is a…
The borrower that owns a large Greenwich Village retail condominium at 510-526 Sixth Avenue, between 13th and 14th streets, and its lender agreed to permit a $69.3 million foreclosure auction to take place to dispose of the asset. The consent judgment of foreclosure and sale was signed June 28, 2024, but not entered until October 11, 2024. The consent is a settlement between the parties…
Charles Cohen, CEO of Cohen Brothers Realty, filed an appeal yesterday seeking to reverse in its entirety an October 3, 2024, decision in New York State Supreme Court that allowed lender Fortress Investment Group to collect on a $187 million guaranty that formed part of the security for a $533 million loan from Fortress. In addition, the ruling allowed a November 8, 2024, auction to…
UPDATED 1:30 p.m., October 16, 2024: A ground lease held by Charles Cohen’s Cohen Brothers Realty since 1997 that secured its interest in the 41-story, 397,354-square-foot office tower at 135 East 57th Street at the corner of Lexington Avenue, was terminated recently, with control reverting to the landlord, 700 Lexington LLC, controlled by William F. Wallace, trustee. A New York State Supreme Court justice ruled…
Casabe II Housing Development Fund Company through the entity Casabe Houses Associates LLC as borrower signed a refi loan with lender Merchants Capital through the entity Merchants Capital Corp. valued at $21.6 million for the 125-unit residential elevator building (D1) at 150 East 121st Street in East Harlem, Manhattan. The deal closed on October 8, 2024 and was recorded on October 11, 2024. The property…
Peter Fine, of Bolivar Development and Atlantic Development Group, through the entity 203 Street North LLC as borrower signed a refi loan with lender Customers Bank valued at $44 million for the school building (W1) at 263 East 203rd Street in Bedford Park, Bronx. On the lot, there was one new building construction project, X00629381, for an 87,140 square-foot E building. The project was filed…
Lonicera Partners through the entity Great Jobo LLC signed a lease as tenant with Anthony Marano through the entity Bowery Corner LLC as landlord for the parcel (G9) at 348 Bowery in NoHo, Manhattan, which has been used for several years as a small food court. The memorandum of lease was signed on October 8, 2024 and was recorded on October 11, 2024. The property…
Guang Li and Xianghuan Lin through the entity 5815 57rd LLC paid $4.5 million for the industrial building (F4) at 58-15 57th Road in Maspeth, Queens. The expected use is cash flowing. The deal closed on September 9, 2024 and was recorded on October 11, 2024. The property has 10,795 square feet of built space and 3,241 square feet of additional air rights for a…
Behrooz Hedvat through the entity 100 Partners LLC paid $5.6 million to Kenneth Moslin through the entity 100 Associates LLC for the 49-unit residential elevator building (D1) at 100 Fort Washington Avenue in Washington Heights, Manhattan. The expected use is cash flowing. The deal closed on October 1, 2024 and was recorded on October 11, 2024. The property has 65,388 square feet of built space…
Philadelphia-based Canon Hospitality Management through the entity CH Associates XII LLC paid $20 million to Tony Wang through the entity 823 39th Street Brooklyn LLC for the hotel building (H3) at 833 39th Street in Sunset Park, Brooklyn. The expected use is cash flowing. This is the first purchase Canon Hospitality Management, led by CEO Canon J. Patel, has made in New York City, according…
SJM Partners through the entity CS SJM E 92nd Street Owner, LLC as borrower signed a refi loan with lender Timbercreek Capital through the entity Tnam Us Seller Ii Lp valued at $15 million for the storage building (E7) at 428 East 92nd Street in Yorkville, Manhattan. The deal closed on September 27, 2024 and was recorded on October 10, 2024. The prior lender was…
Stephen L. Clark through the entity Knapp Storage Spe, LLC as borrower signed a refi loan with lender Equity Bank through the entity Equity Bank valued at $22 million for the storage building (E7) at 2727 Knapp Street in Sheepshead Bay, Brooklyn. The deal closed on September 30, 2024 and was recorded on October 10, 2024. The prior lender was FS Investments which held debt…
Camber Property Group through the entity Remeeder Houses Owner LLC as borrower signed a refi loan with lender Merchants Capital valued at $96.3 million for four properties with 260 residential units including the 195-unit residential elevator building (D3) at 579 Blake Avenue in East New York, Brooklyn, 65-unit retail building (K1) at 592 Sutter Avenue in East New York, Brooklyn, and property at 330 Sheffield…
SHVO and Deutsche Finance America through the entity Bsd 685 New York Propco LLC as borrower signed a refi loan with lender Northwind Group through the entity Nw 685 Fifth Senior Lender LLC valued at $100 million for 50 unsold residential condominium units at the 65-unit Mandarin Oriental condominium building at 685 Fifth Avenue in Midtown East, Manhattan. A Northwind press release said the total…
Jack Husney through the entity 1414 Avenue P Realty LLC paid $2.4 million to Solomon Grinberg through the entity 1414 Avenue P Associates, LLC for the five-unit office building (O8) at 1414 Avenue P in Sheepshead Bay, Brooklyn. The deal closed on September 27, 2024 and was recorded on October 10, 2024. The property has 4,300 square feet of built space and 1,080 square feet…
Chestnut Holdings of New York through the entity 3071 Bailey LLC paid $4.7 million to Herbert Freedman through the entity Bailey Avenue Holding LLC for the retail building (K1) at 3071 Bailey Avenue in Kingsbridge Heights, Bronx and retail building (K1) at 152 West 231st Street in Kingsbridge Heights, Bronx. The expected use is cash flowing. The deal closed on October 2, 2024 and was…
