Transfers

CACHED

$27.5M pre-foreclosure at Argentine family’s Garment District building, second for them since 2021

Loan — 7/22/2024 10:04

The special servicer for bondholders of a securitized loan, GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 2017-GS5, filed a pre-foreclosure action against the Argentinian owners of 20 West 37th Street, a 69,701-square-foot office building in the Garment District, Manhattan. The building is owned by affiliates of the Neuss Group, which manages assets of the Neuss family of Argentina. The lender representative filed…

Billionaire Garavoglia family borrows $34M against six Manhattan properties

Loan — 7/19/2024 9:39

Lagfin, a Luxembourg-based company that manages the assets of the billionaire Garavoglia family of Italy, through the entity Boulevardier Spritz LLC (and others) as borrower signed an initial loan with lender Deutsche Bank through the entity Deutsche Bank Luxembourg SA valued at $34 million for six Manhattan properties with 23 residential units. Lagfin is the controlling shareholder of spirits producer the Campari Group. The Lagfin…

Sachs Companies signs $50.5M refi with 3650 REIT for two properties in Midtown East

Loan — 7/19/2024 8:59

Sachs Companies through the entity 155 East Property Owner LLC as borrower signed a refi loan with lender 3650 REIT through the entity 3650 Real Estate Investment Trust 2 LLC valued at $50.5 million for two properties with 161 residential units including the 56-unit office building (O6) at 155 East 55th Street in Midtown East, Manhattan and 105-unit residential elevator building (D6) at 210 East…

George Huang signs $31M refi loan with Greystone for retail in Soundview

Loan — 7/19/2024 8:55

George Huang through the entity G&T Consulting Company Spe, LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Select Company II LLC valued at $31 million for the retail building (K6) at 1580 Bruckner Boulevard in Soundview, Bronx. The deal closed on July 9, 2024 and was recorded on July 18, 2024. The prior lender was Flagstar Bank…

Borough Developers pays $4.8M for dev site in Bedford Stuyvesant

Sale — 7/19/2024 8:49

Borough Developers through the entity 448 P LLC paid $4.8 million to Eliezer Meisels through the entity 446-448 Park Ave LLC for a development site at 446 and 448 Park Avenue in Bedford Stuyvesant, Brooklyn. On these lots, there is a new building project for a seven-unit, 9,702 square-foot R-2 building submitted by Black Steel Developers and filed by Yoel Horowitz with plans filed October…

Eckstrom NYC pays $8.2M for 10-unit walkup in Brooklyn Heights, 18th purchase in 2 years

Sale — 7/19/2024 8:04

Eckstrom NYC through the entity 29 Willow LLC paid $8.2 million to the entity Percy Management, Inc. for the 10-unit residential walkup building (C1) at 29 Willow Street in Brooklyn Heights, Brooklyn. This was Eckstrom NYC’s 18th purchase totaling more than $90 million over the past two years. The deal closed on June 27, 2024 and was recorded on July 18, 2024. The property has…

Midtown Equities, Albir Allahham, pay $18M to Zev Marmurstein for three retail condos in FiDi

Sale — 7/19/2024 8:01

The Cayre family’s Midtown Equities and Albir Allahham, the owner of Reserve Cut steakhouse, through the entity AL 40 Broad Realty LLC paid $18 million to Zev Marmurstein through the entity 40 Broad Associates No. 1 LLC for three retail condos at 40 Broad Street in Financial District, Manhattan. Reserve Cut is located at 40 Broad Street. The deal closed on July 8, 2024 and…

Hawkins Way Capital pays $30M to The New School for dorm in Chelsea

Sale — 7/19/2024 7:36

Hawkins Way Capital through the entity 20th Street Owner, LLC paid $30 million to The New School for the dormitory condominium at 300 West 20th Street in Chelsea, Manhattan. The deal closed on July 1, 2024 and was recorded on July 18, 2024. The property has 31,363 square feet of built space according to a PincusCo analysis of city data. The sale price per built…

Bando Construction pays $99.2M to Sherwood Equities for retail condo in Times Square

Sale — 7/19/2024 7:31

South Korea-based Bando Construction through the entity Bando Geny 2 LLC paid $99.2 million to Sherwood Equities through the entity Sherwood 48 Associates for the retail condo at 2 Times Square in Times Square, Manhattan. The deal closed on July 15, 2024 and was recorded on July 18, 2024. The property has 31,365 square feet of built space according to a PincusCo analysis of city…

Qi Gui Zheng pays $6M to Lam Group for retail in Bensonhurst

Sale — 7/18/2024 9:25

Qi Gui Zheng and Liuyun Lin through the entity 67 & 18 Associates LLC paid $6 million to the Lam Group through the entity Perfect Jsk 6701 18 Ave LLC for the retail building (K1) at 6701 18th Avenue in Bensonhurst, Brooklyn. The deal closed on July 2, 2024 and was recorded on July 17, 2024. The property has 8,450 square feet of built space…

Aleksander Lakaj pays $7.5M for three properties in Tremont

Sale — 7/18/2024 9:20

Aleksander Lakaj through the entity 4119 Third LLC paid $7.5 million to affiliates of Abraham Strulovitch through the entity Hinde Development, LLC for the office building (O7) at 4133 3rd Avenue in Tremont, Bronx, industrial building (G7) at 4121 3rd Avenue in Tremont, Bronx, and development building (V1) on 3rd Avenue in Tremont, Bronx. The deal closed on July 1, 2024 and was recorded on…

Blackstone alleges $140M in loan defaults at resi conversion of landmarked McGraw-Hill

Other — 7/18/2024 9:14

Blackstone Group through its loan subservicer Rialto Capital Advisors alleged in two related court filings this week that loans with a combined original principal totaling $140 million and secured by the McGraw-Hill Building at 330 West 42nd Street in Hell’s Kitchen, Manhattan, were in default. Blackstone acquired both loan when it purchased a loan portfolio of the shuttered Signature Bank. The two cases were filed…

Harbor Group International files $52.5M pre-foreclosure at 143-unit Astoria rental

Other — 7/18/2024 8:40

Harbor Group International filed a $52.5 million pre-foreclosure action at the newly constructed 143-unit Astoria mixed-use rental building called the Astor at 36-20 Steinway Street. The lender, which is also a major residential property owner, alleges in the complaint that the loan originated in 2021 by the Harbor Group affiliate HGI Commercial Funding I LLC, went into default as of October 1, 2023, because the…

$28M pre-foreclosure at two Meatpacking buildings owned by Delshah Capital

Loan — 7/18/2024 5:30

UPDATED 11:55 a.m., July 18, 2024: The special servicer for a $28 million loan secured by two retail buildings in the Meatpacking District, 58-60 Ninth Avenue and 69 Gansevoort Street, owned by Michael Shah’s Delshah Capital, filed a pre-foreclosure action yesterday in Manhattan federal court, alleging the loan was in a maturity default. Case LINK 58-60 Ninth Ave complaint pdf Retail property values have generally…

RYCO Capital pays Jonis Realty $103M for more East Village rentals, part of $132M deal

Sale — 7/17/2024 4:35

New York-based RYCO Capital, led by James Ryan, closed late last month on the $103 million purchase of six East Village buildings, 141 Second Avenue, 145 Second Avenue, 149 Second Avenue, 151-153 Second Avenue, 156-158 Second Avenue and 157 Second Avenue, from the Halegua family’s Jonis Realty, according to people familiar with the sale. This purchase is related to another transaction, in which RYCO paid…

CurbCut Urban Partners signs $6.3M refi with Provident Bank for stalled dev in Sunnyside

Loan — 7/17/2024 8:15

CurbCut Urban Partners through the entity CurbCut Queens Blvd LLC as borrower signed a refi loan with lender Provident Bank valued at $6.3 million for the stalled development project at 38-01 Queens Boulevard in Sunnyside, Queens. On the lot, there is a new building construction project through job number 421387626 for a 139,029 square-foot office (B) building. The project was submitted by CurbCut Urban Partners…

Witnick, Namdar, Gorjian up debt to $20.2M for 20-unit walkup in Greenwich Village, was $13.5M

Loan — 7/17/2024 7:46

Witnick Real Estate Partners, Namdar Realty Group, and Gorjian Real Estate Group through the entity 30-32 E 14th Owner LLC as borrower signed a refi loan with lender Societe Generale through the entity Societe Generale Financial Corporation valued at $20.2 million for the 20-unit residential walkup building (C7) at 30 East 14th Street in Greenwich Village, Manhattan. The deal closed on July 3, 2024 and…

WHGA signs $63.3M rehab loan with Merchants Bank of Indiana for 27 properties in Harlem

Loan — 7/17/2024 7:38

West Harlem Group Assistance through the entity Amsterdam Garvey Housing Development Fund Corp. as borrower signed a rehab construction loan with lender Merchants Bank of Indiana valued at $63.3 million for 27 properties with 339 residential units including the 23-unit residential elevator building (D1) at 117 West 129th Street in Harlem, Manhattan, 18-unit residential walkup building (C1) at 102-104 West 142nd Street in Harlem, Manhattan,…

Roman Catholic Church of St. Rita sells vacant city block in Manor Heights for $8.3m

Sale — 7/17/2024 7:30

The entity Manor Heights Estates, LLC paid $8.3 million to the Roman Catholic Church of St. Rita for an entire city block that is a vacant lot with the approximate address of 91 Wellbrook Avenue in Manor Heights, Staten Island. The block is bounded by Holden Boulevard, Wellbrook Avenue, Queen Street and Graves Street. The deal closed on June 10, 2024 and was recorded on…

Azora Exan pays $8.57M to Naftali Group for retail condo in Yorkville

Sale — 7/17/2024 7:20

Azora Exan through the entity Pasamar Third Avenue LLC paid $8.57 million to Naftali Group through the entity 1461-1469 Third Ave Retail LLC for the property at 200 East 83rd Street in Yorkville, Manhattan. The deal closed on July 12, 2024 and was recorded on July 16, 2024. The unit has 5,751 square feet of built space according to a PincusCo analysis of city data,…