A member of the family that owns two retail condominiums at 354 Sixth Avenue, also known as 88 West Washington Place, filed a bankruptcy petition in Manhattan on Friday, claiming the prior lender had frustrated the owners’ multiple attempts to lease the space. The two properties are estimated to be worth $30.55 million and debts total $19.4 million. The parties are engaged in litigation in…
Thomas Anderson through the entity Alhambra Associates, L.P. as borrower signed a refi loan with lender Stormfield Capital through the entity Stormfield Capital Funding I, LLC valued at $6.8 million for the 46-unit residential walkup building (C7) at 500 Nostrand Avenue in Bedford Stuyvesant, Brooklyn. The deal closed on January 6, 2023 and was recorded on January 20, 2023. The prior lender was Prime Finance…
Solomon Schwimmer through the entity Madison Heights NY LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 RE Funding III LLC valued at $13.8 million for the 38-unit development (V0) at 650 Madison Street in Bedford Stuyvesant, Brooklyn. The deal closed on January 12, 2023 and was recorded on January 20, 2023. The prior lender was Maxim Credit…
Congregation Chemdas Yisroel paid $1.5 million to the family of State Senator Simcha Felder, through a trust, for two-unit mixed-use building (S2) at 4901 18th Avenue in Borough Park, Brooklyn. The congregation plans to develop a religious building on the site, according to information at the development site. The deal closed on January 11, 2023 and was recorded on January 20, 2023. The property has…
Kam Biu Lau through the entity Kamping LLC paid $2 million to Mohsen Zandieh through the entity Ashk Associates, LLC for the eight-unit residential walkup building (C1) at 51-26 Skillman Avenue in Sunnyside, Queens. The deal closed on January 17, 2023 and was recorded on January 20, 2023. The property has 8,112 square feet of built space according to PincusCo analysis of city data. The…
Slope Asset Management, with the signatories of investors Ariel Akkad and Arya Zand, paid $5.4 million to John Hatzipetros for adjacent mixed-use buildings in South Slope, Brooklyn, in two separate transactions. These are the second and third buildings from the corner at 12th Street, but not the corner building, which is 500 5th Avenue. In the first, Slope Asset Management through the entity 502 Fifth…
The New York City School Construction Authority paid $5.8 million to the Roman Catholic Church and the Church Of Saint Joseph for four specialty buildings in Rosebank, Staten Island, including (W2) at 1 Virginia Avenue. The deal closed on December 15, 2022 and was recorded on January 20, 2023. The four properties have 14,000 square feet of built space and 14,650 square feet of additional…
Nathaniel Evelkin through the entity Phreedom LLC paid $6 million to Richard Leiter through the entity Leitco Corp. for the industrial building (F9) at 270 Freeman Street in Greenpoint, Brooklyn. The deal closed on January 13, 2023 and was recorded on January 20, 2023. The property has 18,910 square feet of built space and 3,865 square feet of additional air rights for a total buildable…
Kamin Realty through the entity Daniel G. Kamin Bronx LLC paid $9.2 million to Walgreen Co. through the entity Walgreen Eastern Co., Inc. for the retail building (K1) at 5564 Broadway in Kingsbridge, Bronx. The deal closed on January 12, 2023 and was recorded on January 20, 2023. The property has 14,482 square feet of built space and 36,352 square feet of additional air rights…
Bayrock Capital paid $50 million to the Moinian Group for a hotel and a development site near Citi Field in North Corona, Queens, in two transactions In the larger, Bayrock Capital through the entity 3710 Partners LLC paid $42 million to the Moinian Group through the entity Samcom 48 (De) LLC for the hotel (H2) at 37-10 114th Street in North Corona, Queens. The deal…
Lai Sim Zheng through the entity K & C Lisa LLC paid $3.6 million to John Po Sheng Hsu through the entity 111 Roosevelt Development LLC for the walkup at 108-46 Roosevelt Avenue in Corona, Queens, with seven apartments and one commercial space. The deal closed on January 4, 2023 and was recorded on January 19, 2023. The property has 6,786 square feet of built…
Solomon Rubin through the entity Harlem Center Properties LLC as borrower signed a refi loan with lender Dwight Capital valued at $38.8 million for the specialty building (I6) at 30 West 138th Street in Harlem, Manhattan. The deal closed on January 10, 2023 and was recorded on January 19, 2023. The prior lender was Signature Bank which held debt that had an original loan amount…
Naftali Group through the entity 470 Kent Ave Associates II LLC as borrower signed a refi loan with lender Israel Discount Bank through the entity Israel Discount Bank Of New York valued at $46.7 million for the industrial building (F5) at 470 Kent Avenue in Williamsburg, Brooklyn. The deal closed on January 12, 2023 and was recorded on January 19, 2023. The owner bought the…
Dantes Partners as borrower signed an acquisition loan with lender Walker & Dunlop valued at $139.9 million for three residential elevator properties including the 168-unit residential elevator building (D3) at 1901 Amsterdam Avenue in Harlem, Manhattan, 170-unit residential elevator building (D3) at 1941 Amsterdam Avenue in Washington Heights, Manhattan, and 180-unit residential elevator building (D3) at 1970 Amsterdam Avenue in Washington Heights, Manhattan. The deal…
Carlyle Group pays $6.36 million for two Brooklyn rental properties that have a total of nine residential units. In the more expensive, Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $3.7 million to Eric Nachimovsky through the entity 135 Moffat LLC for six-unit rental building (B1) at 135 Moffat Street in Bushwick, Brooklyn. The deal closed on January 12, 2023 and was recorded…
Sukhjinder Singh, Raghbir Singh, and Harpreet Singh through the entity 142-50 Rockaway LLC paid $8 million to Vincent Sposato through the entity 142-50 Realty Corporation for the industrial building (E1) at 142-50 Rockaway Boulevard in South Ozone Park, Queens. The deal closed on January 13, 2023 and was recorded on January 19, 2023. The property has 7,800 square feet of built space and 62,834 square…
Sono Hospitality Group through the entity Sono Legit NY LLC paid $60 million to Alex Ghassemieh and Bob Ghassemieh through the entity Hhc 33 Peck Slip Holdings, LLC for hotel building (HB) at 33 Peck Slip in Financial District, Manhattan. The deal closed on January 9, 2023 and was recorded on January 19, 2023. The property has 39,747 square feet of built space according to…
By Adam Pincus In 2022, the total number of commercial foreclosures in New York City above $1 million declined slightly, but the aggregate loan value rose modestly, according to data compiled by PincusCo Media. Last year, there were 257 commercial foreclosures of $1 million and up totaling $3.39 billion, compared with 269 foreclosures totaling $2.9 billion in 2021. That’s a drop of about 5 percent…
Paramount Group, the office-building-focused real estate investment company, filed a suit yesterday seeking approximately $4.4 million from Rockpoint Group and Highgate Hotels, which are tenants of a retail condo Paramount owns in the 1,331-room hotel building at 700 Eighth Avenue, near Times Square in Manhattan. The suit seeks to evict them from the retail condo as well. LINK Court filings represent the position of one…
Bethpage Federal Credit Union filed to foreclose on a 2016 loan with an original principal of $8.5 million, which is now $7.95 million, secured by two properties, 33 and 35 West 26th Street in NoMad, Manhattan. The signatory for the loans was Osman Bessa. The larger property is the office building at 33 West 26th Street in NoMad that has 11,095 square feet of built…
