Lily Guo’s iCross Capital through the entity iCross 6 LLC bought a note with an original principal of $23 million from Bank of China secured by United Construction & Development Group’s industrial building (E1) at 42-61 24th Street in Long Island City, Queens. The deal closed on January 26, 2023 and was recorded on January 31, 2023. The prior lender was Bank of China which…
Steven Berger through the entity 7920 Realty LLC as borrower signed a refi loan with lender Flagstar Bank valued at $20.5 million for the Elm Community Charter School at 79-20 Queens Boulevard in Elmhurst, Queens. On the lot, there was one new building construction project for a 40,066 square-foot school (E) building. The project was developed by David Levitan with plans filed November 22, 2019…
Joy Construction and MADDD Equities through the entity YYY Atlas 48 LLC as borrower signed a refi loan with lender Valley National Bank valued at $50 million for the 203-unit hotel building (H2) at 305 West 48th Street in Hell’s Kitchen, Manhattan. The deal closed on January 19, 2023 and was recorded on January 31, 2023. The prior lender was Valley National Bank which held…
Xu Sheng Wang through the entity A&S Vernon Realty LLC paid $2.6 million to Samuel F. Colin through the entity 2011 CF Vernon LLC for mixed-use building (S1) at 47-29 Vernon Boulevard in Long Island City, Queens. The deal closed on January 18, 2023 and was recorded on January 31, 2023. The property has 2,300 square feet of built space and 5,200 square feet of…
Brandon Miller’s Real Estate Equities Corporation which had partnered with distress investor Mavik Capital Management on the Harlem property 313 West 125th Street, lost the asset that had debts of $14.6 million in a foreclosure last week. Mark Tress, a Lakewood, New Jersey investor who owns Cedar Health Group, was the buyer. He also operates under the New Jersey entity Cedar Holdings LLC. The seller…
Frank Reina through the entity F&J Realty Group LLC paid $6.5 million to Freida Hocevar estate for the 34-unit residential walkup building (C7) at 65-22 Fresh Pond Road in Ridgewood, Queens. The deal closed on January 30, 2023 and was recorded on January 31, 2023. The property has 29,880 square feet of built space according to PincusCo analysis of city data. The sale price per…
Kenneth Griffin’s Citadel through the entity Citadel Enterprise Americas LLC signed a 10-year lease valued at $262.6 million with Vornado Realty Trust through the entity 350 Park EAT LLC for the office building (O4) at 350 Park Avenue in Midtown East, Manhattan. This is the first stage in a complex process that could lead to the development of a new 1.7 million square foot office…
The Northwind Group filed a pre-foreclosure action against the owner of a building divided into 12 condo units at 128 East 28th Street and the property at 109 East 29th Street in NoMad, Manhattan, which is the security for a loan with outstanding debt of just over $17.7 million. The property owner, Prakash Sinha borrowed $27.3 million from Northwind Group in 2022, and the debt…
Eden Ashourzadeh through the entity 174 Meserole Partners LLC paid $2.6 million to the entity Estate Of Raymond Gonzalez for the five-unit residential walkup building (C2) at 174 Meserole Street in Williamsburg, Brooklyn. The deal closed on January 20, 2023 and was recorded on January 30, 2023. The property has 4,875 square feet of built space and 1,200 square feet of additional air rights for…
UPDATED: Benenson Capital Partners through the entity 400 Park Leasehold Lender LLC bought a note with an original principal of $51 million from Bank of America secured by Waterman Interests’ office building (O4) at 400 Park Avenue in Midtown East, Manhattan. The deal closed on December 28, 2022 and was recorded on January 30, 2023. The prior lender was Bank of America which held debt…
KIPP NYC through the entity Canal West 75, LLC as borrower signed a construction loan with lender Bank of New York Mellon as trustee valued at $209.3 million for the industrial building (G9) at 75 Canal Street in Mott Haven, Bronx. For the tax lot building, it received its initial certificate of occupancy on June 13, 2017. On the lot, there is one active new…
Adeeb Saeidi through the entity 2235 Group LLC paid $3 million to Spiro Aronis through the entity Aronis, George for three-unit mixed-use building (S3) at 22-35 31st Street in Ditmars Steinway, Queens. The deal closed on January 24, 2023 and was recorded on January 30, 2023. The property has 2,680 square feet of built space and 9,693 square feet of additional air rights for a…
Edwin Faeh through the entity Ed Real Us, LLC paid $9.5 million to Maneesh Goyal through the entity Munmun Realty, LLC for office condo at 599 Broadway in SoHo, Manhattan. The deal closed on January 18, 2023 and was recorded on January 30, 2023. The property has 7,505 square feet of built space according to PincusCo analysis of city data. The sale price per built…
Namdar Realty Group and Mason Asset Management through the entity 587 Fifth Nassim LLC acquired control of the office building at 587 Fifth Avenue in Midtown East, Manhattan from the Infinity Collective’s 587 B Fifth Ave LLC. The transaction was the acquisition of the ground lease, and the city valued the transaction at $14.6 million for tax purposes. The deal closed on January 18, 2023…
Lloyd Goldman’s BLDG Management through the entity BLDG Mb2 LLC paid $86.5 million to Onex Real Estate Partners, SkyView Companies, and J.P. Morgan Global Alternatives through the entity Sky View Northern Tenant LP for the 103-unit rental building at 144-74 Northern Boulevard in Flushing, Queens. The property is divided into nine individual condominium tax lots. The property is owned through a ground lease, with Hogsett…
Slope Asset Management is a new buyer in the New York City marketplace, focusing on free market multifamily real estate investment assets below $20 million. PincusCo reached out to Slope’s principal Arya Zand after reporting on the company’s purchase of adjacent walkup properties, 500A 5th Avenue and 502 5th Avenue in South Slope, Brooklyn, for $5.4 million. This was the first purchase PincusCo had reported…
Lloyd Shaffer, Meny Chukroon trade suits over busted $23.7M Lenox Hill contact: Seller Lloyd Shaffer and buyer Meny Chukroon traded lawsuits over a $23.7 million contract for 1484 First Avenue in Lenox Hill, Manhattan. According to Chukroon’s complaint, “Pursuant to a Contract of Sale between Plaintiff and Defendant dated April 6, 2022 (the “Contract”), Defendant agreed to sell, and Plaintiff agreed to purchase, the Property…
Surjeet Kaur through the entity 39th Avenue Hospitality LLC as borrower signed a refi loan with lender State Bank of Texas valued at $13 million for the 96-unit hotel building (H3) at 23-07 39th Avenue in Long Island City, Queens. The deal closed on November 29, 2022 and was recorded on January 27, 2023. The prior lender was Maguire Capital Group which bought a note…
The Stagg Group through the entity Carpenter Avenue Corner Associates LLC as borrower signed a new construction loan with lender Valley National Bank valued at $24.5 million for the 92-unit development site at 4176 Carpenter Avenue in Wakefield, Bronx. On the lot, there is one active new building construction project for a 92-unit, 62,566 square-foot R-2 building. The project was developed by Mark Stagg with…
Lloyd Goldman’s BLDG Management through the entity BLDG Canal LLC as borrower signed a refi loan with lender CTBC Bank valued at $22.1 million for the retail building (O5) at 178 Canal Street in Chinatown, Manhattan. The deal closed on January 26, 2023 and was recorded on January 27, 2023. The prior lender was CTBC Bank which held debt that had an original loan amount…
