An entity in care of Astral Properties, Rincon Series A LLC, paid $14.8 million to Northwind Group through the entity 40 Wooster Member LLC for the office building (O5) at 40 Wooster Street in SoHo, Manhattan. The deal closed on September 28, 2023 and was recorded on October 13, 2023. The property has 14,125 square feet of built space according to a PincusCo analysis of…
Fortress Investment Group through the entity DB 215 Moore Reo LLC, acquired through a foreclosure sale the 10-parcel development site including the mixed-use building (K4) at 215 Moore Street, the mixed-use building (K4) at 225 Moore Street and the mixed-use building (K4) at 201 Moore Street in East Williamsburg, Brooklyn. The transfer value was $25.5 million. Fortress had been the note holder on a $35…
Kingsdel Real Estate through the entity 447 Fenimore 2022 LLC as borrower signed a new construction loan with lender Urban Standard Capital through the entity Usc 447 Fenimore 2 LLC valued at $34 million for two properties including 625 New York Avenue in East Flatbush, Brooklyn and 447 Fenimore Street in Prospect Lefferts Gardens, Brooklyn. On these lots, there are two active new building construction…
Pacific Eagle Holdings through the entity Pacific Fifth Avenue Corporation as borrower signed a refi loan with lender Oversea-Chinese Banking Corporation valued at $118.8 million for five hotel and retail condominium units making up the commercial portion of a mixed-use building at 400 Fifth Avenue in Grand Central, Manhattan. The building is home to the Langham, New York, Fifth Avenue hotel. The deal closed on…
UPDATED, 3:50 a.m., Oct. 18, 2023: Ilan Bracha’s IB Global through the entity 171 First Avenue Lofts LLC paid $9.4 million to the entity 169-171 BH LLC for the four-unit mixed-use building (S4) at 171 1st Avenue in East Village, Manhattan. The deal closed on October 6, 2023 and was recorded on October 12, 2023. The property has 10,425 square feet of built space according…
Simone Development Companies through the entity 1720 Eastchester Realty LLC paid $12 million to Madison International Realty through the entity MIR Castle Center Associates, LLC for the retail building (K1) at 1730 Eastchester Road in Pelham Bay, Bronx, development building (V1) at 1742 Eastchester Road in Pelham Bay, Bronx, and development building (V1) at 1724 Eastchester Road in Pelham Bay, Bronx. The deal closed on…
Former lender LoanCore Capital through the entity 110 E 60 Street Holdings LLC acquired through a foreclosure auction from former borrower Dune Real Estate Partners the office building (O3) at 111 East 59th Street in Lenox Hill, Manhattan. The former original principal of the debt on the building was $196 million. The deed transfer value was just $5 million. The transfer closed on September 28,…
Arker Companies and New York City Housing Authority through the entity Uac Pact Housing Development Fund Corporation paid $137.6 million to New York City Housing Authority through the entity New York City Housing Authority for the 175-unit residential elevator building (D3) at 1134 Union Avenue in Morrisania, Bronx, 200-unit residential elevator building (D1) at 813 East 163rd Street in Morrisania, Bronx, and 114-unit residential walkup…
Construction lending in New York City fell 14 percent during the 12 months ending in August, falling from about $18.2 billion in the prior 12-month period to $15.7 billion in the 12 months from September 2022 to August 2023, according to a PincusCo analysis of construction loans. While that was a significant drop, it was far less of a decline than overall commercial lending in…
Spear Street Capital through the entity 2 Crosby Owner LLC paid $48.1 million to Intercontinental Real Estate and KPG Funds through the entity 30 Howard Street Owner Ny, LLC for the office and retail building (O5) at 30-32 Howard Street in SoHo, Manhattan. The building has an alternate address of 2 Crosby and was marketed as Howard X Crosby. The deal closed on October 5,…
CW Realty Group through the entity Withers Tower LLC as borrower signed a refi loan with lender Bank of Princeton valued at $31 million for the newly constructed 69-unit rental at 280 Meeker Avenue in Williamsburg, Brooklyn. On the lot, there was one active new building construction project for a 69-unit, 55,183 square-foot R-2 building. The project was submitted by CW Realty Group and filed…
Himmel + Meringoff Properties through the entity 3402 Land Acquisition LLC as borrower signed a refi loan with lender TriState Capital Bank valued at $29.5 million for the industrial building (E1) at 34-02 Queens Boulevard in Long Island City, Queens. The deal closed on September 28, 2023 and was recorded on October 11, 2023. The prior lender was Fortress Investment Group which held debt that…
New Empire Corp. through the entity NERE Kips Bay Management LLC as borrower signed a new construction loan with lender Popular Bank valued at $42 million for the 59-unit condominium project at 429 Second Avenue in Kips Bay, Manhattan. On these lots, there is one active new building construction project for a 59-unit, 44,571 square-foot R-2 building. The project was submitted by New Empire Corp….
Avery Hall Investments through the entity Carroll Street Borrower, LLC as borrower signed a new construction loan with lender TD Bank valued at $72.5 million for three industrial properties including the industrial building (G2) at 544 Carroll Street with an alternate address of 272 4th Avenue in Gowanus, Brooklyn. On these lots, there is one active new building construction project for a 128-unit, 104,140 square-foot…
Xing Zheng Lin through the entity 132-52 Hongyi House LLC paid $2.3 million to Miu Hung Chan, Tse Hing Chan, and Sim Kuen Lee Chan through the entity Miu Hung Chan, As Trustee for the three-unit building (C0) at 132-52 Maple Avenue in Flushing, Queens. The deal closed on October 4, 2023 and was recorded on October 11, 2023. The property has 3,328 square feet…
Nasrullah Khan through the entity 1407-1409 Foster Ave LLC paid $3.2 million to AVGI through the entity 1407 Foster, LLC for the mixed-use building (S1) at 1409 Foster Avenue in Flatbush, Brooklyn. The deal closed on October 2, 2023 and was recorded on October 11, 2023. The property has 5,700 square feet of built space and 7,055 square feet of additional air rights for a…
Ridwan Kabir through the entity Panchgaon Realty LLC paid $4.4 million to Mohammed Nuruddin and Mirza Rahman through the entity 87-13 Homelawn Realty LLC for two 12-unit walkups (C7) at 87-17 Homelawn Street and at 87-13 Homelawn Street in Jamaica Estates, Queens. The deal closed on September 28, 2023 and was recorded on October 11, 2023. The two properties have 14,719 square feet of built…
Developer Harry Macklowe, who leads Macklowe Properties, filed a petition yesterday in the Eastern District of U.S. Bankruptcy Court, to halt a UCC foreclosure auction set for the same day, October 11, 2023, that was going to sell three apartment units, 78A, 78B and 28H. Macklowe was the original developer of 432 Park Avenue but was forced to cede control to CIM Group, which ultimately…
Lender Union Labor Life Insurance Company filed a $15 million pre-foreclosure action at RFR Holdings’ Flatiron retail property at the 5,920-square-foot 670 Sixth Avenue, at the corner of 21st Street. RFR Holding is led by Aby Rosen and Michael Fuchs, who are identified in the complaint as obligors under the loan documents. The complaint alleges the borrower did not make the payment due on July…
A buyer paid $12.5 million to the seller for the two-unit townhouse building (B9) at 12 West 95th Street in the Upper West Side, Manhattan. The deal closed on September 28, 2023 and was recorded on October 10, 2023. The property has 4,709 square feet of built space and 1,879 square feet of additional air rights for a total buildable of 6,597 square feet according…
