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Wharton Properties modifies Times Square loans, initial $180M loan matured in 2021

Loan — 4/4/2024 1:09

UPDATED: Jeff Sutton’s Wharton Properties modified its securitized loan at the 25,600-square-foot retail building 1551 Broadway in Times Square, Manhattan, on April 1, 2024, two and a half years after the original $180 million loan matured, according to a source familiar with the transaction. The loan balance was reduced to $176 million.  The building has long been identified with fast-fashion retailer American Eagle, which signed…

Special servicer files $41M pre-foreclosure suit in Garment District

Loan — 4/3/2024 4:48

Special servicer LNR Partners filed a pre-foreclosure suit on behalf of bondholders of COMM 2014-CCRE16, alleging the $41 million loan secured by the office building at 252 West 37th Street in the Garment District in Manhattan, was in a maturity default. The case was filed in New York State Supreme Court on April 2, 2024. The property is owed by Abraham Talassazan’s Eretz Group. Case…

Daniel Brodsky lends Brodsky Organization $14.05M to buy retail in Chelsea, SoHo

Loan — 4/3/2024 4:31

The Brodsky Organization through the entity The Beaumont Company LLC as borrower signed an acquisition loan with lender Daniel Brodsky valued at $14.05 million for four retail condominiums at two locations, at 456 West 19th Street in Chelsea, Manhattan, and at 25 West Houston Street in Manhattan. Daniel Brodsky is an executive with the Brodsky Organization. The Brodsky Organization paid Quinlan Development Group $12.4 million…

Cheskel Schwimmer of Chess Builders signs $70M construction loan for 188-unit project in Hell’s Kitchen

Loan — 4/3/2024 4:23

Cheskel Schwimmer of Chess Builders through the entity Eleven W46 Realty LLC as borrower signed a new construction loan with lender Valley National Bank through the entity Valley National Bank valued at $70 million for the industrial building (E9) at 616 11th Avenue in Hell’s Kitchen, Manhattan. On the lot, there is one active new building construction project for a 188-unit, 127,613 square-foot R-2 building….

Durst signs $120M construction loan with Wells Fargo at two Hallets Point projects

Loan — 4/3/2024 4:17

Durst Organization through the entity Halletts Building 3 SPE LLC as borrower signed a new construction loan with lender Wells Fargo valued at $120 million for two properties with 100 residential units including the 100-unit residential elevator building (D3) at 3-24 27th Avenue in Astoria, Queens and development building (V1) at 26-02 1st Street in Astoria, Queens. The deal closed on March 21, 2024 and…

Soundview Real Estate ups debt with MSD Partners to $115.8M for hotels in South Ozone Park

Loan — 4/3/2024 4:14

Soundview Real Estate Partners through the entity 135th Avenue JFk Property LLC as borrower signed a refi loan with lender MSD Partners through the entity Msd Rcof Partners LXIII, LLC valued at $115.8 million for two hotel properties including the hotel building (H3) at 135-25 142nd Street in South Ozone Park, Queens and hotel building (H3) at 142-30 135th Avenue in South Ozone Park, Queens….

Linda Wang pays $2.2M for mixed-use in Dyker Heights

Sale — 4/3/2024 4:10

Linda Wang through the entity 6301 10th Ave, LLC paid $2.2 million to Joseph Bianco and Vincent Bianco for the four-unit mixed-use building (S9) at 6301 10th Avenue in Dyker Heights, Brooklyn. The deal closed on March 25, 2024 and was recorded on April 2, 2024. The property has 4,480 square feet of built space according to a PincusCo analysis of city data. The sale…

Platinum Realty Associates pays $2.3M for mixed-use in Astoria

Sale — 4/3/2024 4:08

Platinum Realty Associates through the entity 112-45 Spring LLC paid $2.3 million to Shiraz Sanjana through the entity Kane 30 LLC for the four-unit mixed-use building (S9) at 35-02 30th Avenue in Astoria, Queens. The deal closed on March 15, 2024 and was recorded on April 2, 2024. The property has 4,100 square feet of built space and 1,900 square feet of additional air rights…

Eckstrom NYC pays $4.7M for 4-family in Cobble Hill

Sale — 4/3/2024 4:06

Eckstrom NYC through the entity 487 Henry LLC paid $4.7 million to the Troisi family for the four-unit building (C3) at 487 Henry Street in Cobble Hill, Brooklyn. The deal closed on March 20, 2024 and was recorded on April 2, 2024. The property has 4,224 square feet of built space and 1,121 square feet of additional air rights for a total buildable of 5,343…

RCH Capital buys $3.6M note secured by Garment District building

Loan — 4/2/2024 4:05

RCH Capital through the entity Rch/Kcp 2021 Fund LLC bought a note with an original principal of $3.6 million from Webster Bank secured by Pillar Property Management’s specialty building (W4) at 312 West 36th Street in Garment District, Manhattan. The property is occupied by the arts organization The Tank. The deal closed on March 15, 2024 and was recorded on April 1, 2024. The prior…

Eric Sternberg signs $6.6M refi for 24-unit rental in Kensington

Loan — 4/2/2024 3:57

Eric Sternberg through the entity 706 Ocean Views LLC as borrower signed a refi loan with lender Provident Bank valued at $6.6 million for the 24-unit residential elevator building (D3) at 706 Ocean Parkway in Kensington, Brooklyn. The deal closed on March 4, 2024 and was recorded on April 1, 2024. The prior lender was S3 Capital which held debt that had an original loan…

Sharon Sternheim, Robert Sternheim sign $15M for Zitomer location in Lenox Hill

Loan — 4/2/2024 3:56

The owners of the iconic Upper East Side drugstore Zitomer Pharmacy,Sharon Sternheim and Robert Sternheim through the entity 969 Madison Avenue LLC as borrower signed a refi loan with lender Bank of America valued at $15 million for two retail condominium units at 969 Madison Avenue, with an alternate address at 32 East 76th Street in Lenox Hill, Manhattan The deal closed on March 26,…

Carlyle Group signs $18M refi loan with Prudential for storage in Windsor Terrace

Loan — 4/2/2024 3:42

Carlyle Group through the entity 72 Caton Place Owner, L.L.C. as borrower signed a refi loan with lender Prudential Financial through the entity PGIM Real Estate U.S. Debt Fund REIT, LLC valued at $18 million for the storage building (E7) at 72 Caton Place in Windsor Terrace, Brooklyn. The deal closed on March 27, 2024 and was recorded on April 1, 2024. The prior lender…

Artifact, Ashok Khubani pay $1.8M for mixed-use in Harlem

Sale — 4/2/2024 3:34

Developer Artifact and real estate investor Ashok Khubani through the entity 1861 Amsterdam Avenue LLC paid $1.8 million to Jose Caseres through the entity 1873 Amsterdam Realty Corp. for the two-unit mixed-use building (S2) at 1873 Amsterdam Avenue in Harlem, Manhattan. The deal closed on March 25, 2024 and was recorded on April 1, 2024. The property has 1,872 square feet of built space and…

Aboody, Shemel, Mashal pay $6.2M to Partners Path for Williamsburg walkup

Sale — 4/2/2024 3:30

Raymond Aboody, Sabah Shemel, and Danny Mashal through the entity Essex Properties II LLC (and others) paid $6.2 million to Partners Path through the entity 238 North Fifth Owner LLC for the eight-unit residential walkup building (C1) at 238-240 North Fifth Street in Williamsburg, Brooklyn. The deal closed on March 28, 2024 and was recorded on April 1, 2024. The property has 6,232 square feet…

Gotham Org. acquires parcel from church valued at $13.9M for portion of Urban Village in East New York

Sale — 4/2/2024 3:21

Gotham Organization as the beneficial owner in a joint venture with the Christian Cultural Center and Monadnock Development through the entity IUV Phase 1A Housing Development Fund Corporation acquired a parcel valued at $13.9 million from the Christian Cultural Center through the entity Urban Living Alternatives, LLC, a 12120 Flatlands Avenue in East New York, Brooklyn. The partners plan to build a 386-unit building on…

Charney Companies signs $49.5M rehab construction loan with Madison in Morningside Heights

Loan — 4/1/2024 2:15

Charney Companies through the entity 99 Claremont Owner LLC as borrower signed a rehab construction loan with lender Madison Realty Capital through the entity 99 Claremont Ave 1 LLC valued at $49.5 million for the 44-unit specialty building (W7) at 97 Claremont Avenue in Morningside Heights, Manhattan. The deal closed on March 18, 2024 and was recorded on March 29, 2024. The property has 78,397…

BEB, SK Development, Totem, Ofer Cohen sign $96M construction loan for 187-unit project

Loan — 4/1/2024 2:10

A joint venture composed of BEB Capital, SK Development, Totem, and Ofer Cohen through the entity 745 4th Avenue, LLC as borrower signed a new construction loan with lender Canyon Partners and JPMorgan Chase through the entity Cred III-SL Acquisition LLC valued at $96 million for the 187-unit mixed-use project at 737 4th Avenue in Sunset Park, Brooklyn. On the lot, there is one active…

Pistilli Realty signs $157.7M cross-collateralization with Flagstar for 17 properties in NYC

Loan — 4/1/2024 1:55

Pistilli Realty through the entity 228 West 4th Owners Corp. (and others) as borrower signed a cross-collateralization agreement with lender Flagstar Bank valued at $157.7 million for 17 properties with 925 residential units including the 233-unit residential elevator building (D3) at 47-30 59th Street in Woodside, Queens, 126-unit residential elevator building (D1) at 140-59 Ash Avenue in Flushing, Queens, and 96-unit residential elevator building (D7)…

Raisner Group pays $1.99M for 6-unit walkup in Bushwick

Sale — 4/1/2024 1:48

Raisner Group through the entity 453 Irving Ave, LLC paid $1.99 million to Jose Figuereo through the entity 453 Irving Realty LLC for the six-unit residential walkup building (C2) at 453 Irving Avenue in Bushwick, Brooklyn. The deal closed on March 14, 2024 and was recorded on March 29, 2024. The property has 4,285 square feet of built space and 323 square feet of additional…