Wilpon’s LI office complex in hot water

Fred Wilpon

An affiliate of Fred Wilpon’s Sterling American Property is more than 90 days delinquent on a securitized loan on a 128,000-square-foot Hauppauge, N.Y. office complex on Long Island, the Wall Street Journal reported. The three-building property, called Woodlands Office Park, was purchased in 2006 near the height of the market and now has a $12.7 million loan balance, according to data from research firm Trepp. It is roughly two-thirds occupied, though a number of major leases have expired. The largest tenant, Memorial Sloan-Kettering, recently renewed its lease, according to Phil Wachtler, Wilpon’s son-in-law and the principal of the complex’s management company. The debt on the 7.5-acre property, which was sold as commercial mortgage-backed securities, has been turned over to special servicer ORIX Capital Markets, Trepp said. [WSJ]

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