The Real Deal New York

Posts Tagged ‘625 fulton street’

  • 10-metrotech

    From left: 10 MetroTech Center before and during demolition, and Forest City CEO David LaRue

    Atlantic Yards developer Forest City Ratner has begun tearing down the seven-story, 359,000-square-foot property called 10 MetroTech Center in Brooklyn. [more]

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  • Fitch Ratings downgraded a $6.6 million class of commercial real estate loans led by 10 Metrotech Center, a seven-story office building owned by Forest City Ratner in Downtown Brooklyn.

    Fitch downgraded one class of COMM Mortgage Trust 2005-FL-10, saying 42 percent of the pool is expected to default due a 10 percent overall decline in cash flow compared with the last update.

    The 359,000 square foot property, located at 625 Fulton Street in Brooklyn, is faced with an expiring lease with the Internal Revenue Service, which occupies nearly 88 percent of the building. The loan represents 7.4 percent of the pool balance. … [more]

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  • 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 here, 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 from last month’s list, of 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. TRD[more]

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