Clockwise from top left: Eastdil Secured’s Adam Spies, the Helmsley Building at 230 Park Avenue, Eastdil Secured’s Doug Harmon, Howard Michaels of the Carlton Group and Anthony Westreich of Monday Properties
From the August issue: For the owners of distressed properties, it’s a harrowing ride to stabilization. Note sale, foreclosure, bankruptcy or recapitalization, there is no easy path from financial trouble to stable footing. And while some savvy investors have seized control of valuable New York City properties, many owners and lenders have lost billions of dollars through distressed real estate sales and restructurings since the financial crisis began.
This month The Real Deal examines five deals and how they unfolded.
In the second part of the series, Monday Properties held onto a stake in the iconic Midtown tower at 230 Park Avenue but took a large hit to its equity share in the property. At the same time, other former owners such as one of Goldman Sachs’ Whitehall Street funds, bowed out entirely when Invesco Institutional and a Korean pension fund bought a 95 percent interest in the building. Click here to read the story.
