The Real Deal New York

Stuy Town foreclosure tops NYC distressed commercial properties list

April 01, 2010 06:38PM

Stuyvesant Town and Peter Cooper Village for the first time have made Trepp’s list of defaulted properties that are 60 or more days delinquent, the commercial loan tracking firm Trepp said. The 110-building Stuyvesant Town and Peter Cooper Village, which spans First Avenue to Avenue C, and 14th to 23rd streets, made the top of the list of New York City’s commercial defaulted properties for the month of March, with a total balance of $3 billion in commercial-mortgage backed loans. (See full list of delinquent properties — and zoom in on them — in chart below, plus see a slide show of 10 of the properties above.)

With Stuy Town at the top of the list, Riverton Apartments, the dozen 13-story buildings that lie between 135th and 138th streets and Fifth Avenue and Harlem River Drive, was bumped down to the second spot out of 46 such properties in March, from last month’s list, which contained 41 properties (click here to see the list of February delinquencies).

One property that made if off last month’s list is Vornado Realty Trust’s 50 West 57th Street. After five months with a special servicer, the $29 million loan payments for 50 West 57th Street were made up to date March 1. They are now current and therefore off the list, but still with a special servicer, according to Trepp.

Another property to get off the list is 110-13 55th Avenue in Corona, Queens, a multi-family property which carried a $334,000 balance, the Trepp data show. The borrower, whose loan matured in October 2009, stopped making complete payments that month. The borrower made a complete payment in March for the first time since the loan matured, possibly a sign the borrower and special servicer are working out an arrangement to refinance the loan.

New delinquent properties to appear on Trepp’s delinquent list include 10 MetroTech Center at 625 Fulton Street in Downtown Brooklyn with a $52.5 million balance; Crowne Plaza Laguardia at 104-04 Ditmars Boulevard in East Elmhurst, Queens, with a $49.1 million balance; the Falchi Building at 31-00 47th Avenue in Long Island City, Queens, with a $44 million balance; Ramada Plaza LaGuardia Airport at 37-10 114th Street in Corona, Queens with a $22 million balance; and 2-14 and 16 West Mount Eden Avenue in Highbridge in the Bronx with a $1.3 million balance. TRD


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