Apple Hospitality REIT alleges LuxUrban Hotels, its subtenant at Hotel 57 at 130 East 57th Street in Midtown East, Manhattan, has defaulted on its contract which Apple Hospitality but it won’t vacate. Apple Hospitality estimates damages as high as $83 million if it could not regain control of the hotel. Apple Hospitality filed the case yesterday in U.S. District Court in Manhattan, 1:24-cv-04236. This is…
The dollar volume of New York City commercial pre-foreclosure cases above $1 million rose to its highest level in nearly a year, totaling $717.6 million, PincusCo data shows. That was more than double the total for April, which was $347 million. And the high level was not simply one or two large cases skewing the data. There were five loans or portfolios with debt $30…
Steel Equities signs $71.4 million in refi loans with JPMorgan Chase for industrial properties in Greenpoint, in two separate transactions. In the larger, Steel Equities through the entity Paidge Steel LLC as borrower signed a refi loan with lender JPMorgan Chase through the entity Jpmorgan Chase Bank, N.A. valued at $52.9 million for two industrial properties including the industrial building (E1) at 59 Paidge Avenue…
Azimuth Development Group through the entity Ap Castle Hill Owner LLC paid $6.1 million to Sopher Real Estate through the entity Westcast Development LLC for the development site (V1) at 2211 Westchester Avenue in Westchester Square, Bronx. On the lot, there is one active new building construction project for a 85-unit, 71,935 square-foot R-2 building. The project was submitted by Sopher Management and filed by…
RYCO Capital through the entity Klwythe LLC paid $10.2 million to L3 Capital through the entity L3 168-170 Wythe Ave LLC for the five-unit mixed-use building (S5) at 168 Wythe Avenue in Williamsburg, Brooklyn. The deal closed on March 4, 2024 and was recorded on May 31, 2024. The property has 11,750 square feet of built space according to a PincusCo analysis of city data….
The New York-based co-living firm Common Living, Inc., filed for bankruptcy in Delaware on Friday, under chapter 7, which manages a process for the company to liquidate. The company is essentially a multifamily real estate management firm not a property owner, and filed a petition for itself and seven other related entities. All showed the same information indicating a company in financial distress, stating assets…
Freddie Mac and Sabal Capital Partners, on behalf of the securitized bondholders of Series 2019-SB63, filed a $47.9 million pre-foreclosure against 10 Mack Real Estate Group rentals in East Harlem formerly owned by Emerald Equity Group. Mack took control of this large portfolio that has $189 million of debt originated in December 2018, from Emerald Equity Group. The lenders filed the complaints Friday in Manhattan…
The Flushing-based builder Sunlight Development through the entity Madison 29 Holding LLC signed a $65 million contract to buy a landmarked NoMad office building at 95 Madison Avenue, at 29th Street, and plans to convert the 16-story high-rise into a mixed-use apartment building with 70 residential units, along with retail and office, bankruptcy and city Department of Buildings records show. Sunlight Development signed the contract…
RiverSpring Living through the entity The Hebrew Home for the Aged at Riverdale as borrower signed a new construction loan with lender Stride Bank valued at $25 million for two specialty properties including the specialty building (I6) at 5921 Palisade Avenue in North Riverdale, Bronx and specialty building (I6) at 5931 Palisade Avenue in North Riverdale, Bronx. On these lots, there is one active new…
Green Street Group through the entity 170 Freeman LLC as borrower signed a new construction loan with lender Preferred Bank valued at $26 million for the development (V1) at 170 Freeman Street in Greenpoint, Brooklyn. On the lot, there is one active new building construction project for a 67-unit, 44,637 square-foot R-2 building. The project was submitted by Jenna Goldman with plans filed September 24,…
Hershy Silberstein through the entity Gws East 170 LLC as borrower signed a new construction loan with lender NorthEast Community Bank through the entity Northeast Community Bank valued at $30.4 million for seven properties including 800, 802 and 808 East 170th Street in East Morrisania, Bronx. On these lots, there is one active new building construction project for a 28-unit, 16,226 square-foot R-2 building. The…
Buchbinder & Warren through the entity 2-J LLC as borrower signed a refi loan with lender Apple Bank valued at $46.4 million for three properties with 23 residential units including the 23-unit residential walkup building (C7) at 609-611 Madison Avenue in Midtown East, Manhattan, retail building (K2) at 601-603 Madison Avenue in Midtown East, Manhattan, and retail building (K1) at 42-44 East 58th Street in…
Novis Living through the entity Harlem Homeownership Partners LLC as borrower signed a renovation construction loan with lender Local Initiatives Support Corporation through the entity Local Initiatives Support Corporation valued at $31.2 million for four residential walkup properties with 54 residential units including the 26-unit walkup building (C1) at 204 West 120th Street, the eight-unit walkup building (C7) at 2350 Fredrick Douglass Boulevard, and the…
PBC USA Real Estate through the entity 452 Fifth Owners LLC as borrower signed a refi loan with a lender through the trustee Reznik Paz Nevo Trusts valued at $359.6 million for two office properties including the office building (O4) at 452 5th Avenue in Grand Central, Manhattan and office building (O3) at 1 West 39th Street in Grand Central, Manhattan. The deal closed on…
Sabet Group through the entity 329 E 17 Street LLC paid $3.1 million to Mount Sinai through the entity Beth Israel Medical Center for the six-unit residential walkup building (C5) at 329 East 17th Street in Gramercy, Manhattan. The deal closed on May 22, 2024 and was recorded on May 30, 2024. The property has 5,128 square feet of built space and 7,689 square feet…
Yitzchok Schwartz through the entity Vernon Plaza II LLC paid $3.6 million to Qian Yun Chen through the entity Fine Way Inc. for the development building (V0) at 376 Vernon Avenue in Bedford Stuyvesant, Brooklyn. The deal closed on May 23, 2024 and was recorded on May 30, 2024. The property has zero square feet of built space and 16,998 square feet of additional air…
Zelig Weiss’s AZW Realty through the entity 545 Coney Island LLC paid a total of $9.6 million in two transactions for three tax parcels that make up the land for a previously disclosed 72-unit development with the address 545 Coney Island Avenue. In the larger transaction, Weiss paid $7.6 million to Leon Perlmutter through the entity Jenium LLC for the retail building (K1) at 547…
Yong Hong Guan through the entity 347 Lorimer St Partners, LLC paid $15 million to Morgenstern Capital through the entity 347/1381 Fee Owner LLC for the 18-unit residential elevator building (D1) at 347 Lorimer Street in Williamsburg, Brooklyn. The deal closed on May 17, 2024 and was recorded on May 30, 2024. The property has 25,777 square feet of built space according to a PincusCo…
Frank Wong through the entity Wong Brothers’ Realty Inc. paid $21.4 million to United Construction & Development Group and Ki Tai Yeung through the entity Court Square Tower LLC for 13 unsold residential condominium units at the 802-unit Skyline Tower 23-15 44th Drive in Long Island City, Queens. This appears to be part of three related transactions, all with the same contract date of December…
Lender Fannie Mae filed a $13.5 million pre-foreclosure action yesterday in U.S. District Court in Manhattan alleging a 2016 loan secured by an 88-unit building at 248 West 72nd Street in Lincoln Square, owned by members of the Ohebshalom family, was in a maturity default. Case 1:24-cv-04135 LINK Fannie Mae alleges the loan was not repaid after maturing on March 1, 2024. The lender sent…
