Jiashu Xu’s United Construction & Development Group through the entity 32nd Ave Management, LLC paid $16 million to the North Flushing Pool Club for the swimming pool club (Q3) at 141-01 32nd Avenue in Flushing, Queens. The deal closed on July 27, 2023 and was recorded on August 21, 2023. The property has 20,400 square feet of built space and 33,912 square feet of additional…
UPDATED 6:10 a.m. October 19, 2023: A securitized loan trust filed to foreclose on a $750 million loan secured by Maefield Development’s fee interest in 20 Times Square, also known as 701 Seventh Avenue in Times Square, Manhattan. This is the second large pre-foreclosure action at the hotel and retail building. In the first, Natixis filed to foreclose on a $650 million loan secured by…
UPDATED: JY Capital Group filed a pre-foreclosure action in Queens County Court on Friday, alleging a loan with an original principal of $16.1 million secured by nine commercial properties in Queens was in default. LINK The properties are three rental buildings in Ditmas Steinway with a total of 12 units at 20-61 49th Street, 20-07 49th Street and 20-03 49th Street; five industrial buildings in…
Wells Fargo as trustee filed a pre-foreclosure action in U.S. District Court in Manhattan seeking to foreclose or a loan with an original principal of $21.3 million. The guarantors at the time of the loan according to the complaint were Yair Levy’s daughters Galit Levy and Rafaela Levy. LINK The loan was originated in 2018. Yair Levy was a dominant developer during the real estate…
Fortress Investment Group bought a $1 billion loan portfolio from Capital One secured by office buildings including those owned by Himmel + Meringoff Properties and Bernstein Real Estate. This is at least the second large commercial loan portfolio sale by Capital One. The earlier one was in September 2021, when Capital One sold a loan portfolio with at least $1.3 billion of debt to PIMCO,…
Moishe Mana of Moishe’s Self Storage through the entity Vernon Boulevard Realty, LLC as borrower signed a refi loan with lender Bank of New York Mellon valued at $55 million for the storage building at 8-33 40th Avenue in Long Island City, Queens. The deal closed on July 5, 2023 and was recorded on August 18, 2023. The prior lender was Comm 2013-CCRE10 which held…
Clipper Equity through the entity Dean Owner LLC as borrower signed a new construction loan with lender Valley National Bank valued at $123 million for the 234-unit project at 953 Dean Street in Crown Heights, Brooklyn. On the lot, there is one active new building construction project for a 234-unit, 164,763 square-foot residential (R-2) building submitted by Solomon Schwimmer and Clipper Equity and filed by…
Mortar Group through the entity 148 Norman MG LLC paid $2.4 million to Clara Plotino through the entity Lidia A. Novak, Trustee for the six-unit residential walkup building (C2) at 148 Norman Avenue in Greenpoint, Brooklyn. The deal closed on August 8, 2023 and was recorded on August 18, 2023. The property has 3,750 square feet of built space and 997 square feet of additional…
Lalmir Sultanzada through the entity 161 Baisley LLC paid $4 million to Platinum Realty Associates and RW Real Estate Group through the entity Baisley Blvd. Holdings LLC for the development site (V1) at 161-51 Baisley Boulevard and an adjacent parcel, both in South Jamaica, Queens. On the tax lot, there was one new building construction project filed totaling 12,143 square feet. It is a 12,143…
Bayrock Capital through the entity Br Astoria Partners LLC paid $5.5 million to Daniel Weiss and Ahron Weissman through the entity 30 Ave Holdings LLC for the medical use building (I9) at 23-34 30th Avenue in Astoria, Queens. The deal closed on August 4, 2023 and was recorded on August 18, 2023. The property has 14,088 square feet of built space according to a PincusCo…
Mattone Investors through the entity Cpeoa Limited Partnership as borrower signed a refi loan with lender Flushing Bank valued at $8.1 million for the mixed-use building (K4) at 134-01 20th Avenue in College Point, Queens. The deal closed on August 17, 2023 and was recorded on September 15, 2023. The prior lender was Flagstar Bank which held debt that had an original loan amount of…
$80M condo resale at 220 Central Park South: The entity 220cpsv8, LLC paid $80 million to Enka Residence LLC for the duplex “villa” known as V-8 at 220 Central Park South in Midtown West, Manhattan and property at 220 Central Park South in Midtown West, Manhattan. The seller bought the units in 2020 for $66 million. The deal closed on August 15, 2023 and was…
Chaim Drizin and Robert Fireworker through 600 Crown Holdings LLC as borrower signed a loan with lender Popular Bank valued at $55 million for the 94-unit project at 600 Crown Street in Crown Heights, Brooklyn. The deal closed on July 31, 2023 and was recorded on August 17, 2023. The property has zero square feet of built space and 96,120 square feet of additional air…
Davidson Kempner Capital Management through the entity Dk Wgc Fee Owner LLC as borrower signed a loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $150 million for the hotel building (H1) at 214 East 42nd Street in Grand Central, Manhattan. The deal closed on August 9, 2023 and was recorded on August 17, 2023. The property has…
Parag Sawhney’s Penn South Capital paid $6.3 million to Michael Keefe for two rental buildings in Brooklyn Heights and in Alphabet City in two transactions. In the first, Penn South Capital through the entities PSC OE7 LLC and 80 Orange LLC paid $3.6 million to Michael Keefe of Orange 80 LLC for the three-unit mixed-use building (S3) at 80-82 Orange Street in Brooklyn Heights, Brooklyn….
Congregation Yetev Lev D’Satmar through the entity Satmar Flushing LLC paid $9.9 million to Yeshiva Beis Leivy, Inc. for the development building (V0) at 437 Flushing Avenue in Williamsburg, Brooklyn and development building (V0) at 433 Flushing Avenue in Williamsburg, Brooklyn. On these lots, there is one active new building construction project for a 34-unit, 36,101 square-foot R-2 building. The project was submitted by Hersh…
Reuben Brothers paid $50 million to Vornado Realty Trust for three retail locations in SoHo, at 443 Broadway, 692 Broadway and 148-150 Spring Street, in three separate transactions. Reuben Brothers along with Jeff Sutton recently sold the commercial cooperative unit at 747 Madison Avenue for $135 million to James Dyson’s investment company. These three transactions are part of a $124 million sale that The Real…
An unknown buyer using the entity Tempo W 73 LLC paid $21 million to AIR Communities through the entity Air 240 West 73rd Street Co-Owner, LLC for the 205-unit rental building Tempo (H6) at 240 West 73rd Street in Upper West Side, Manhattan. AIR Communities is a spinoff of AIMCO. The buyer entity is in care of the law firm Breuer Herskowitz. Prior to this,…
Forest Hills yeshiva fights imminent eviction with bankruptcy: The Yeshiva Gedola Lubavitch Inc., which claims to have 60 rabbinical students set to start the fall classes next week, filed a bankruptcy petition in U.S. Bankruptcy Court in Brooklyn to block an eviction set to occur on August 19, 2023. With the filing, the eviction has been stayed, according to a letter from the attorney representing…
Hirshmark Capital through the entity 739 Nostrand Funding LLC bought a note with an original principal of $2.9 million from Global Bank secured by Mahmoud A. Hassan Dolah’s mixed-use building (K4) at 739-743 Nostrand Avenue in Crown Heights, Brooklyn. The deal closed on August 2, 2023 and was recorded on August 16, 2023. The prior lender was Global Bank which held debt that had an…
