The Real Deal New York

Delinquencies fall in securitized loans, Sheffield57 makes May list

June 17, 2009 01:21PM
By Adam Pincus

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The total value of delinquent securitized loans written on Manhattan properties declined by 55 percent in May to $121 million from $272 million in April, according to data from loan tracking firm Trepp.

While this drop is significant, the majority of the value of April’s delinquencies was the $225 million note on the Riverton Houses in Harlem, and that note was no longer classified as delinquent in May.

Included for the first time on the delinquency list in May was $30 million remaining on a loan with an original principal balance of $375 million on Kent Swig’s Sheffield57 at 322 West 57th Street in Midtown, and $53 million secured by the Soho office building 625 Broadway owned by the Moskowitz family, the data shows.

The number of delinquent loans in Manhattan declined as well to seven from nine, the data shows.

Other Manhattan notes listed as delinquent include an $18.1 million loan on a 27,976-square-foot retail condominium at 60 East 55th Street owned by an entity affiliated with real estate firm RFR Holding; and an $8.5 million loan on a 7,983-square-foot retail condo at 25 West Houston Street, controlled by Metropolitan Housing Partners, Trepp data and city property records show.

The report also indicates that there were 19 delinquent notes in May in the outer boroughs, including 13 in Brooklyn valued at $104 million, four in Queens valued at $34 million, and two in the Bronx with a value of $2.6 million. There were no delinquent liens noted for Staten Island. The report did not include April data for the outer boroughs.

The top delinquent loans in Brooklyn were for a $31 million loan on 1865 Burnett Street, a 144-unit apartment complex in Marine Park, which is in foreclosure; and a $29 million loan on the 75-unit Rocket Lofts at 98-104 South 4th Street in Williamsburg, also in foreclosure, the report said.

The most valuable delinquent loan in Queens was for $16 million, on the 169-room Clarion LaGuardia Airport Hotel at 94-00 Ditmars Boulevard in East Elmhurst, which was more than 90 days delinquent, the report showed.

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