Toronto-based Hennick & Company through the entity 401 East Sixty Holdings LP paid $153 million to Gazit Horizons through the entity Gazit Horizons (Bridge Tower) LLC for two retail condominium units and the garage unit at 401 East 60th Street in Lenox Hill, Manhattan. Hennick & Company made the acquisition in two transactions, one for $150.5 million and another for $2.5 million. The deal closed…
The dollar volume of New York City commercial real estate pre-foreclosure filings fell in 2023 by 7 percent to $3.2 billion from $3.5 billion the year before. That was despite nearly $1 billion in filings in August 2023. The largest filing of the year was a $750 million pre-foreclosure at 20 Times Square from August, which has since been discontinued after Hana Financial Group took…
The dollar volume of New York City commercial real estate bankruptcy filings rose by 46 percent in 2023 to $2.1 billion compared to the prior year’s total of $1.4 billion, while the number of petitions more than doubled to 137 last year compared to 67 in 2022, according to a PincusCo analysis of court data. Most bankruptcies are filed to block an impending foreclosure sale…
Yellow Jacket Ventures through the entity Hope Place LLC as borrower signed a refi loan with lender Amalgamated Bank valued at $16 million for the 55-unit residential elevator building (D1) at 19-21 Mount Hope Place in Mt Hope, Bronx. The deal closed on December 29, 2023 and was recorded on January 12, 2024. The prior lender was NorthEast Community Bank which held debt that had…
Xiao Ke Tang through the entity 43-25 52 LLC as borrower signed a new construction loan with lender Popular Bank through the entity Popular Bank valued at $18.2 million for the 27-unit development site at 43-25 52nd Street in Sunnyside, Queens. On these lots, there is one active new building construction project for a 27-unit, 22,945 square-foot R-2 building. The project was submitted by Xiaoke…
Wen Du through the entity MB Grayson LLC as borrower signed a refi loan with lender Industrial and Commercial Bank of China valued at $36 million for the 128-unit residential elevator building (D6) at 247 East 28th Street in Kips Bay, Manhattan. The deal closed on December 28, 2023 and was recorded on January 12, 2024. The prior lender was Industrial and Commercial Bank of…
Greenbrook Partners and Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.3 million to Omid Mashieh through the entity Mtek Brooklyn LLC for the three-unit building (C0) at 113 Albany Avenue in Crown Heights, Brooklyn. The deal closed on January 9, 2024 and was recorded on January 12, 2024. The property has 3,104 square feet of built space and 667 square feet of…
Mark Weiss through the entity 705-711 Franklin Realty LLC paid $4.6 million to Michail Litvin through the entity Citta Financial Services, Inc. for the mixed-use and retail building (K4) at 97-08 Rockaway Boulevard in Ozone Park, Queens. The deal closed on December 22, 2023 and was recorded on January 12, 2024. The property has 21,689 square feet of built space and 441 square feet of…
Javeri Capital through the entity 91 Crosby Acq LP paid $29 million to BentallGreenOak through the entity Go 91 Crosby Owner LLC for the eight-unit residential elevator building (D7) at 91 Crosby Street in SoHo, Manhattan. The deal closed on December 22, 2023 and was recorded on January 12, 2024. The property has 19,578 square feet of built space according to a PincusCo analysis of…
FedEx through the entity Federal Express Corporation paid $248 million to Bridge Industrial and Dov Hertz’s DH Property Holdings through the entity Sip Holdings Venture, LLC for the logistics complex (O1) at 75 20th Street in Sunset Park, Brooklyn. The deal closed on December 28, 2023 and was recorded on January 12, 2024. The property has 332,193 square feet of built space and 1,048,798 square…
A Merchants Hospitality affiliate last month surrendered its $24 million ground lease controlling the Cachet Boutique New York Hotel, at 510 West 42nd Street, to the fee owner, Richard Born’s BD Hotels, according to court documents filed Friday as part of a lawsuit over a loan secured by the property. In the complaint, lender Taconic Capital Advisors is seeking repayment of a defaulted 2019 leasehold…
The Australian company Coombes Property Group through the entity 1256 Lexington Ave LLC as borrower signed a refi loan with lender Commonwealth Bank of Australia valued at $9.2 million for three mixed-use properties with 10 residential units including the four-unit mixed-use building (S9) at 1260 Lexington Avenue, the three-unit mixed-use building (S3) at 1256 Lexington Avenue, and three-unit mixed-use building (S3) at 1258 Lexington Avenue…
Borough Developers through the entity One Five Five LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re 155 South Elliott Funding LLC valued at $39 million for the development parcel (V1) at 155 South Elliott Place in Fort Greene, Brooklyn. On the lot, there is one active new building construction project for a 101-unit, 85,765 square-foot residential…
Moishe Kofman and Sucher Ashkenazi as signatories for the entity Beis Alesk LLC paid $4 million to Michael Weitzman’s Double U Realty through the entity 100 S 9 LLC for the development parcel (V0) at 89 South 10th Street in Williamsburg, Brooklyn. Double U Realty paid $14.1 million for three parcels to the Roman Catholic Church of the Epiphany in 2022. The parcels Double U…
Pambar Realty through the entity PR 231 N Henry LLC paid $5.3 million to Sugar Hill Capital Partners through the entity 231 North Henry Residences, LLC for the six-unit residential walkup building (C2) at 231 North Henry Street in Greenpoint, Brooklyn. The deal closed on January 2, 2024 and was recorded on January 11, 2024. The property has 7,110 square feet of built space according…
Film production facility Cine Magic Companies through the entity CM LIC Studios 30th Street Ii LLC paid $19.1 million to life sciences firm Alexandria Real Estate Equities through the entity Are-Ny Region No. 3 Holding, LLC for the industrial building (E1) at 47-50 30th Street in Long Island City, Queens. The deal closed on December 29, 2023 and was recorded on January 11, 2024. The…
The Museum of Chinese in America paid $51.1 million to Larry Goodman through the entity Grand Machinery Exchange, Inc. for the office building (O5) at 211 Centre Street, with an alternate address of 215 Centre Street, in Little Italy, Manhattan. This is the second of two payments, with the first $7.4 million in 2021. The museum already occupies the building. The deal closed on January…
Lender Golden Bridge Funding filed a $10.2 million pre-foreclosure action in the Eastern District of New York alleging the debt secured by the large development site at 617 62nd Street in Sunset Park, Brooklyn, and 150-30 12th Avenue in Whitestone, Queens, was in default. The borrowers are Andy Weihan Ho and Danny Wu, according to the complaint. According to the complaint, the original maximum loan…
Judge orders sale of $10.3M bankrupt new development in Greenpoint: Brooklyn State Supreme Court Judge Lawrence Knipel signed an order November 3, 2023, that was filed yesterday, ordering the sale of the four-unit new construction property at 135 Bayard Street in Greenpoint, with a judgment lien as of August 2023 of $10.3 million. The debt is held by Stormfield Capital Management, which in 2020 filed…
Jai Patel of PrideHospitalityGroup through the entity Pride Hotel, LLC as borrower signed a refi loan with lender Metro City Bank valued at $30 million for the Aloft Jamaica Queens hotel (H3) at 149-03 Archer Avenue in Jamaica, Queens. The deal closed on December 29, 2023 and was recorded on January 10, 2024. The prior lender was East West Bank which held debt that had…
