The Real Deal New York

Savoy Park, Minskoff’s 101 Sixth on distressed properties list

January 06, 2012 03:00PM
By Katherine Clarke

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A nearly 2,000-unit Savoy Park complex in Harlem and developer Edward Minskoff’s 101 Sixth Avenue are just two of the many New York City buildings featured on Trepp’s list of distressed properties for December, released earlier this week.

Savoy Park Group, which includes Area Property Partners and Vantage Properties, bought the 1,802-unit Savoy Park complex at the height of the market for $175 million in 2006. But, after refinancing the property and putting $367.5 million worth of debt into the complex, the investment group found itself in hot water. While The Real Deal previously reported that the $210 million loan on the property won’t mature until 2014, the company is currently 60 days delinquent, according to Trepp’s data.

A representative for Vantage was not immediately available to confirm the status of the loan.

Minskoff meanwhile, who bought out partner Andalex Group at 101 Sixth Avenue for an undisclosed price last month, disputed the status of the loan on the tower, which Trepp reported as non-performing beyond maturity in December.

“We bought out our partners there on Dec. 9,” he said, “and we restructured the financing. The building was never delinquent. The loan was coming due on Dec. 11 and that why they put it on the watch list.”

According to Trepp’s data, and follow-up supporting data from the special servicer, the loan was first 30 days delinquent in November and passed maturity in December. Minskoff added, however, that the loan is “now current.”

Making it off the list in December are two properties owned by Joseph Moinian of the Moinian Group — at 17 Battery Place North and 100 John Street.

Moinian informed lenders in 2009 that he expected to default on the loan on the Battery Place North property, which matured in November, and was 60 days delinquent on the loan with an outstanding balance of $53 million last month, up from 30 days in October. In December, however, the property was listed by Trepp as current, after receiving an extension modification.

Moinian Group’s Financial District rental tower the Renaissance, where the firm had been facing a foreclosure lawsuit from special servicer LNR Partners, was in foreclosure in November but is now listed as 30 days delinquent thanks to a modification, Trepp data shows.

Moinian closed on an $84 million loan extension at the tower in July, The Real Deal previously reported.

The developer did not immediately respond to requests for comment.

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