Tribeca Associates, Meadow, hand over FiDi Moxy in $109M deed-in-lieu to lender

By Adam Pincus

Tribeca Associates, and its partner Meadow Partners, which developed and owned the Moxy NYC Downtown at 26 Ann Street turned the property over to the lender, AllianceBernstein. The deed-in-lieu transfer was valued at $108.8 million. In a deed-in-lieu, the value of the transfer is typically the value of the outstanding loans, not the current market value of the asset.

PincusCo was the first to report this transaction. A hotel insider who was not involved in the property said it was likely worth closer to $60 million in today’s hospitality market.

AllianceBernstein through AB Fulton Nominee LLC acquired the leasehold valued at $108.8 million from Tribeca Associates’ 143 Fulton Street Development Owner LLC. The deal closed on April 29, 2021 and was recorded on May 10, 2021.

Tribeca acquired the ground leasehold for the property with an alternate address of 143-145 Fulton Street, in November 2014, valued at $54.1 million. That deal was executed with the ground fee owner, Edward A. Friedman.

Tribeca then filed plans for the 119,889-square-foot hotel in 2015 and it was issued its initial temporary certificate of occupancy October 10, 2018. The building has 298 rooms, according to DOB records as well as retail space on the lower floors.

Mark Gordon, a partner with Tribeca, declined to comment. Meadow Partners did not immediately respond to a request for comment.

AllianceBernstein provided a $105 million loan in 2018 which replaced a $61 million construction loan from Bank OZK and added a $44 million gap loan.

Mark Gordon signed the transfer documents for Tribeca Associates. Edward Gellert signed on behalf of AllianceBernstein.

Direct link to Acris document. link

The sale price per built square foot is $907 per the PincusCo analysis.