Former lender Sherr Equities through the entity 170th Street Partners LLC acquired title to the retail building (K1) at 151 East 170th Street in Mt Eden, Bronx, through a foreclosure process, with a transfer price of $8.6 million. The former owner was Norman Realty & Construction. The auction sale price was $7.5 million. The deal closed on March 29, 2024 and was recorded on April…
Menachem Chazanow through the entity Crystal At Rockaway Park LLC paid $14.4 million to Marcal Group through the entity Emerald Beach East LLC for the development building (V0) at 157 Beach 115th Street in Rockaway Park, Queens. On the lot, there is one active new building construction project for a 76-unit, 84,565 square-foot R-2 building. The project was submitted by Marcal Group and filed by…
The Israel-based real estate investment firm LENY Group placed the 101,358-square-foot, 40-unit, mixed-use loft building at 190 Berry Street in Williamsburg, Brooklyn into bankruptcy protection to halt a UCC sale tied to a default in $69.8 million of senior debt. LENY Group is led by Rudy Gabsi, and owns the property through the entity LENY Berry Holdings LLC. LENY Group filed the petition through the…
Ladder Capital affiliate files $63.6M pre-foreclosure alleging technical defaults in East Harlem: Ladder Capital’s wholly owned insurance company, Tuebor REIT Sub LLC, filed a pre-foreclosure action yesterday alleging HAP Investments’ properties at 2211 Third Avenue, 329 Pleasant Avenue and 2338 Second Avenue, all in East Harlem, Manhattan, were in technical defaults. The lender did not allege the more typical defaults, either maturity or payments. Court…
Mina Farah through the entity Frmf Hillside Avenue Family Limited Partnership paid $7.5 million to Yuval Jacob through the entity Y J Management LLC for the retail building (K1) at 167-02 Hillside Avenue in Jamaica, Queens. The deal closed on March 11, 2024 and was recorded on April 3, 2024. The property has 8,800 square feet of built space and 56,073 square feet of additional…
Vertical Community Development through the entity Furman Management LLC acquired the industrial building (E1) at 4541-4551 Furman Avenue in Wakefield, Bronx, following a $10.5 million sale. The seller was the Altmark Group through the entity Markland 4551 LLC. The buyer was a nonprofit housing development fund which assigned all the beneficial ownership to Vertical Community Development’s entity. The deal closed on March 29, 2024 and…
The Metropolitan Transportation Authority paid $25.2 million to Taormina Holding through the entity President Maintenance Corp for the industrial building (G2) at 1590 Bedford Avenue in Crown Heights, Brooklyn. The deal closed on April 2, 2024 and was recorded on April 3, 2024. The property has 55,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built…
Wells Fargo filed a $23 million pre-foreclosure action against the owners of a six-story retail property at 11 West 34th Street in the Garment District, Manhattan, just over a year after the loan matured but was not paid off. The 17,153-square-foot property with 25 feet of frontage on West 34th Street between Fifth and Sixth avenues, is owned by a joint venture composed of an…
UPDATED: Jeff Sutton’s Wharton Properties modified its securitized loan at the 25,600-square-foot retail building 1551 Broadway in Times Square, Manhattan, on April 1, 2024, two and a half years after the original $180 million loan matured, according to a source familiar with the transaction. The loan balance was reduced to $176 million. The building has long been identified with fast-fashion retailer American Eagle, which signed…
Special servicer LNR Partners filed a pre-foreclosure suit on behalf of bondholders of COMM 2014-CCRE16, alleging the $41 million loan secured by the office building at 252 West 37th Street in the Garment District in Manhattan, was in a maturity default. The case was filed in New York State Supreme Court on April 2, 2024. The property is owed by Abraham Talassazan’s Eretz Group. Case…
The Brodsky Organization through the entity The Beaumont Company LLC as borrower signed an acquisition loan with lender Daniel Brodsky valued at $14.05 million for four retail condominiums at two locations, at 456 West 19th Street in Chelsea, Manhattan, and at 25 West Houston Street in Manhattan. Daniel Brodsky is an executive with the Brodsky Organization. The Brodsky Organization paid Quinlan Development Group $12.4 million…
Cheskel Schwimmer of Chess Builders through the entity Eleven W46 Realty LLC as borrower signed a new construction loan with lender Valley National Bank through the entity Valley National Bank valued at $70 million for the industrial building (E9) at 616 11th Avenue in Hell’s Kitchen, Manhattan. On the lot, there is one active new building construction project for a 188-unit, 127,613 square-foot R-2 building….
Durst Organization through the entity Halletts Building 3 SPE LLC as borrower signed a new construction loan with lender Wells Fargo valued at $120 million for two properties with 100 residential units including the 100-unit residential elevator building (D3) at 3-24 27th Avenue in Astoria, Queens and development building (V1) at 26-02 1st Street in Astoria, Queens. The deal closed on March 21, 2024 and…
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 LXIII, LLC valued at $115.8 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….
Linda Wang through the entity 6301 10th Ave, LLC paid $2.2 million to Joseph Bianco and Vincent Bianco for the four-unit mixed-use building (S9) at 6301 10th Avenue in Dyker Heights, Brooklyn. The deal closed on March 25, 2024 and was recorded on April 2, 2024. The property has 4,480 square feet of built space according to a PincusCo analysis of city data. The sale…
Platinum Realty Associates through the entity 112-45 Spring LLC paid $2.3 million to Shiraz Sanjana through the entity Kane 30 LLC for the four-unit mixed-use building (S9) at 35-02 30th Avenue in Astoria, Queens. The deal closed on March 15, 2024 and was recorded on April 2, 2024. The property has 4,100 square feet of built space and 1,900 square feet of additional air rights…
Eckstrom NYC through the entity 487 Henry LLC paid $4.7 million to the Troisi family for the four-unit building (C3) at 487 Henry Street in Cobble Hill, Brooklyn. The deal closed on March 20, 2024 and was recorded on April 2, 2024. The property has 4,224 square feet of built space and 1,121 square feet of additional air rights for a total buildable of 5,343…
RCH Capital through the entity Rch/Kcp 2021 Fund LLC bought a note with an original principal of $3.6 million from Webster Bank secured by Pillar Property Management’s specialty building (W4) at 312 West 36th Street in Garment District, Manhattan. The property is occupied by the arts organization The Tank. The deal closed on March 15, 2024 and was recorded on April 1, 2024. The prior…
Eric Sternberg through the entity 706 Ocean Views LLC as borrower signed a refi loan with lender Provident Bank valued at $6.6 million for the 24-unit residential elevator building (D3) at 706 Ocean Parkway in Kensington, Brooklyn. The deal closed on March 4, 2024 and was recorded on April 1, 2024. The prior lender was S3 Capital which held debt that had an original loan…
The owners of the iconic Upper East Side drugstore Zitomer Pharmacy,Sharon Sternheim and Robert Sternheim through the entity 969 Madison Avenue LLC as borrower signed a refi loan with lender Bank of America valued at $15 million for two retail condominium units at 969 Madison Avenue, with an alternate address at 32 East 76th Street in Lenox Hill, Manhattan The deal closed on March 26,…
