$24.7M foreclosure sale approved for Thor Meatpacking retail: Manhattan State Supreme Court Justice Jennifer Schechter signed an order on January 2, 2024, approving a foreclosure sale of the Thor Equities retail and office property 446 West 14th Street, in the Meatpacking District. The referee Julian White has not yet set a sale date, however, in a December 2023 court filing, White set the total judgment…
L+M Development Partners through the entity Mgx Associates Phase 2 G LLC as borrower signed a new construction loan with lender NYS Housing Finance Agency valued at $57.6 million for the 109-unit project at 251 Chester Street in Brownsville, Brooklyn. On the lot, there is one active new building construction project for a 109-unit, 86,340 square-foot R-2 building. The project was submitted by L+M Development…
Camber Property Group through the entity Stevenson B4 LLC as borrower signed a new construction loan with lender Bank of New York Mellon valued at $58.4 million for the industrial building (G7) at 1841 Seward Avenue in Soundview, Bronx. There are two projects filed on this tax lot. One is a new building project for a 16-unit residential (R-2) building submitted by Rick Gropper with…
Winston Wang paid $3.85 million to Aspen Capital for three mixed-use buildings in East Flatbush, Brooklyn, in three separate transactions. In the first, Winston Wang through the entity W1760 Holdings LLC paid $1.4 million to Aspen Capital through the entity Dg Brooklyn 1760 Cre 032 LLC for the two-unit mixed-use building (S2) at 1760 Nostrand Avenue in East Flatbush, Brooklyn. The deal closed on December…
Liangqu Zhao through the entity 1037 60 St LLC paid $2.7 million to Battista Marrelli through the entity 8117 Holdings, LLC for the industrial buildings (F5) at 1035 and 1037 60th Street in Borough Park, Brooklyn. The deal closed on December 8, 2023 and was recorded on January 5, 2024. The two properties have 4,000 square feet of built space for a total buildable of…
Lockhill Properties through the entity 225 East 25th Owner LLC paid $6 million to Kokot Realty Enterprises through the entity Grand Concourse/Davidson Associates, L.P. for the 21-unit residential walkup building (C5) at 225 East 25th Street in Kips Bay, Manhattan. The deal closed on December 22, 2023 and was recorded on January 5, 2024. The property has 9,920 square feet of built space according to…
The newly formed development firm Bungalow Projects, led by Travis Feehan and Susi Yu, paid $41.45 million to Fortress Investment Group and Aview Equities in two separate transactions for former Heritage Equity Partners development parcels in Brooklyn. In the larger transaction, Bungalow Projects through the entity Nym 215 Moore, LLC paid $26.6 million to Fortress Investment Group through the entity Db 215 Moore Reo LLC…
Arden Group and Corten Real Estate Partners through the entity AC MVTS Holdco, LLC acquired control through an October 2023 UCC auction of the Margaritaville Resort Time Square hotel (H2) at 560 Seventh Avenue in the Garment District, Manhattan, with a transfer value of $150.4 million. The prior owner was property developer Soho Properties, which owned it through the entity 560 Seventh Avenue Owner Secondary…
Xin Development Group filed to place its 92-unit condominium project Bloom on 45th at 500 West 45th Street in Hell’s Kitchen, Manhattan, which it claims is worth $123 million, into bankruptcy protection on January 7, 2024, under pressure from its lender BH3 Management which owns $79.7 million in senior and mezzanine debt. The signatory for the petition was Sheng Zhang, Xin Development CEO. Case 24-10021…
TARGO Capital Partners paid $57.45 million to Kushner Companies for six walkup properties in Alphabet City and the East Village, Manhattan, with a total of 112 residential units. In the first transaction, TARGO Capital Partners through the entity 199-203 E4 Property Owner LLC paid $25.5 million to Kushner Companies through the entity 199-203 East Fourth Owner LLC for the nine-unit walkup (C4) at 199 East…
Jeffrey Znaty and George Giannopoulos’s Kings Capital paid $3.4 million to Prakash C. Sinha for 109 East 29th Street in NoMad, Manhattan. The contract was signed on May 10, 2023 and the sale closed December 29, 2023. The sale has not yet been recorded in public records as of publication. The new owners have already filed plans for the property. Tommy Giannopoulos of Kings Capital…
MaryAnne Gilmartin’s MAG Partners through the entity 335 Eighth Avenue Owner LLC as borrower signed a new construction loan with lender Bank OZK valued at $73.8 million for the 128-unit development at 335 Eighth Avenue in Chelsea, Manhattan. MAG Partners, on October 27, 2021, filed a permit application for construction of a 128-unit, 134,085-square-foot building at 335 Eighth Avenue in Chelsea, Manhattan. Susi Yu, principal…
Madison Realty Capital through the entity Dupont Street Owner 2 LLC as borrower signed a senior construction loan with lender Elliott Investment Management through the entity Ajsce 297 Debt Lender J LLC valued at $179.2 million on a parcel which has two development projects, a 279-unit project at 65 Dupont Street and a 194-unit project at 75 Dupont Street, both in Greenpoint, Brooklyn. The deal…
Hong Bae Park through the entity Rich 24 LLC paid $8.2 million to Delshah Capital through the entity Griffon Monkey, LLC for the retail building (O5) at 17 West 24th Street in Flatiron District, Manhattan. The deal closed on December 28, 2023 and was recorded on January 4, 2024. The property has 7,900 square feet of built space and 17,763 square feet of additional air…
Sun-Man Raymond Chan, Robert Shengchu Huang, and Moon Free Lee through the entity Chelsea 115 LLC paid $21.5 million to Argentic Investment Management through the entity Areit RE Holder LLC for the retail and office building (O6) at 115 Seventh Avenue in Chelsea, Manhattan. This is the retail and office building which Ashkenazy Acquisition bought in 2014 for $57 million and later lost to its…
A Yoel Zagelbaum affiliate through the entity 21 Duryea Propco LLC paid $31 million to David Levitan and Yosef Rabinowitz through the entity Duryea Parking LLC for the homeless shelter building (N2) at 21 Duryea Place in Flatbush, Brooklyn. The building has beds for up to 197 individuals. The deal closed on December 21, 2023 and was recorded on January 4, 2024. The property has…
Fashion retailer Akris through the entity Lace Madison LLC acquired an interest from SL Green Realty and partners in care of Walter & Samuels, through the entity Boblar Holdings LLC valued at $40.6M for three retail condominium units and one residential unit at 772 Madison Avenue, with an alternate address of 21 East 66th Street in Lenox Hill, Manhattan. The deal closed on December 18,…
Prada through the entity Prada USA Corp. paid $425 million to Jeff Sutton’s Wharton Properties through the entity 724 Fifth Fee Owner LLC for one retail and two office condominium units at 724 Fifth Avenue in Midtown West, Manhattan. This is the second of two transactions which total $835 million between the parties. In the first, Prada paid $410 million for 720 Fifth Avenue. The…
Harlem-based Artimus NYC recorded nine internal transfers totaling $103.8 million including one residential building and 12 commercial parcels, all in Harlem or East Harlem. No tax was recorded, indicating there was no change in ownership. These were all entity-level transactions, not deed transfers. 12 of the properties changed from four limited liability companies to one company, called Kery Properties Equities LLC, with an address at…
Forest Hills-based Cord Meyer Development recorded five internal transfers totaling $62.5 million for seven commercial tax lots with no residential units in Woodside, Elmhurst and Jackson Heights. No tax was recorded, indicating there was no change in ownership. All the properties changed from a generic entity, MCO, to a specific property LLC, such as 5131 Northern LLC. In the first, the entity 5131 Northern LLC…
