Transfers

CACHED

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,…

Host Hotels pays $233.8M to Starwood for hotel in Midtown West

Sale — 7/17/2024 7:06

Host Hotels & Resorts through the entity 1414 Cpny LLC paid $233.8 million to Starwood Capital Group through the entity 1414 Holdings, L.L.C. for the 1 Hotel Central Park building (H1) at 1414 Avenue of the Americas in Midtown West, Manhattan, at the corner of West 58th Street, one block south of Central Park. The deal closed on July 12, 2024 and was recorded on…

International Korean church to buy UWS synagogue building for $10M

Sale — 7/17/2024 6:40

A New Jersey affiliate of the Korea-based World Mission Society Church of God is expected to close soon on the $10 million purchase of the synagogue building at 176 West 105th Street on the Upper West Side of Manhattan, from the sellers, Kehilat Romemu, a congregation that will move to a leased space. The contract and expected closing were disclosed in a document (176 West…

Phipps Houses signs $98M construction loan for 185-unit affordable in Sunnyside

Loan — 7/16/2024 10:59

Affordable housing developer Phipps Houses through the entity 50-25 Barnett Housing Development Fund Corporation as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $98 million for a 185-unit development project at 50-25 Barnett Avenue in Sunnyside, Queens. Sunnyside is one of the neighborhoods with the lowest amount of new construction, according to a PincusCo analysis of new building plans….

Meral Property Group pays $3M for 10-unit dev site in Crown Heights

Sale — 7/16/2024 10:47

Meral Property Group through the entity GH Washington LLC paid $3 million to Jerome Walsh through the entity Mayday Hardware And Supply Co., Inc. for the 10-unit development site at 753 Washington Avenue in Crown Heights, Brooklyn. Meral Property Group is an affiliate of BridgeCity Capital. On the lot, there is one active new building construction project for a 10-unit, 10,303 square-foot R-2 building. The…

Ming Qiang He pays $3.1M for industrial in Ditmars Steinway

Sale — 7/16/2024 10:42

Ming Qiang He and Sophia Yuqiong Guo through the entity H & G Usa LLC paid $3.1 million to Frank Lofaso through the entity 43-04 19th Avenue LLC for the industrial building (E1) at 43-04 19th Avenue in Ditmars Steinway, Queens. The deal closed on June 25, 2024 and was recorded on July 15, 2024. The property has 8,000 square feet of built space for…

4-unit, mixed-use in Lenox Hill sells for $16M

Sale — 7/16/2024 10:40

An anonymous buyer through the entity 9885th12 Flats LLC paid $16 million to the entity 4 East 77th Street LLC for the four-unit mixed-use building (S9) at 4 East 77th Street in Lenox Hill, Manhattan. The property was formerly owned by inventor Maurice Kanbar, profiled in an article about the property listing, who died in 2022. This is the buyer’s second major purchase in the…

Thor Equities loses retail in NoHo to lender, following $8.5M foreclosure

Sale — 7/16/2024 10:30

The entity RSS CD2017-CD-4-NY T5B LLC, in care of Rialto Capital Management, acquired title from Joseph Sitt’s Thor Equities through a foreclosure of the retail condominium unit at 50 Bond Street in NoHo, Manhattan. The transfer value was $3.9 million, while the most recent loan was $8.5 million, given in 2017. The deal closed on March 27, 2024 and was recorded on July 12, 2024….

ACHS Management signs $11M refi with Valley National Bank for retail in Crown Heights

Loan — 7/16/2024 10:18

The Adjmi family’s ACHS Management through the entity Empire Boulevard Holdings LLC as borrower signed a refi loan with lender Valley National Bank valued at $11 million for the retail building (K1) at 73-97 Empire Boulevard in Crown Heights, Brooklyn. The deal closed on June 28, 2024 and was recorded on July 12, 2024. The prior lender was Blackstone Group which held debt that had…

SL Green, Wharton Properties, buy $101M note secured by Wharton Properties 34th Street retail

Loan — 7/16/2024 10:10

SL Green Realty and Jeff Sutton’s Wharton Properties through the entity 21 West 34 Lender LLC bought a note with an original principal of $101 million from Blackstone Group secured by Wharton Properties’s retail building (K2) at 21 West 34th Street in Garment District, Manhattan. Signature Bank provided the original $101 million loan in December 2016. Blackstone Group bought a portion of Signature Bank’s portfolio…

Maguire Capital buys $13.2M note secured by Madison Avenue retail

Loan — 7/16/2024 9:52

Maguire Capital Group through the entity 958 Madison LLC bought a note with an original principal of $13.2 million from Webster Bank secured by Yosef Soleymani and Joseph Soufer’s four-unit mixed-use retail building (K4) at 958 Madison Avenue in Lenox Hill, Manhattan, just north of East 75th Street. The deal closed on June 27, 2024 and was recorded on July 12, 2024. The prior lender…

Flagstar files $100M pre-foreclosure at Extell’s Belnord retail

Other — 7/16/2024 7:35

Flagstar Bank filed a pre-foreclosure action yesterday alleging a default on $100 million loan secured by two retail condominium units owned by Gary Barnett’s Extell Development located at the base of the 209-unit Belnord condominium building at 2360 Broadway on the Upper West Side of Manhattan. The bank alleges the loan is in default as of at least April 2024. The two retail units have…