From left: Eastdil Chairman Benjamin Lambert and CEO Roy March and the Beekman Tower Hotel
The 26-story Beekman Tower Hotel is now on the block for roughly $80 million, the New York Post reported. Located at East 49th Street at Mitchell Place, the property is being marketed by Eastdil Secured, who declined to offer the Post a comment. [more]
From left: AG Eric Schneiderman, Yair Levy and a rendering of 225 Rector Place
New York Attorney General Eric Schneiderman won a major decision against developer Yair Levy, as a state Supreme Court judge upheld a 2011 decision that bans the developer from selling condos and co-ops statewide and requires him to pay $7.4 million for having raided the reserve fund at the Rector Square condominium.
Levy had sought to dismiss a June 2011 ruling by Judge Joan Lobis. Levy was found to have spent millions from the 304-unit Battery Park City condo conversion’s fund on personal and family expenses. [more]
The Apthorp, at 2211 Broadway
Irish Bank Resolution, which changed its name from Anglo Irish Bank in July 2011, has decided not to sell a portion of its U.S. loans due to fears of lawsuits from U.S. customers, whose consent would have been required in order to sell their performing loans, an article in Irish Times said.
The bank will maintain an office in Boston to manage the $1 billion in U.S. loans that it retained, the paper said. [more]
Following months of legal maneuvering, a state Supreme Court judge has ruled that Anglo Irish Bank can finally sell the troubled mortgage loan backed by the Apthorp condominium on Manhattan’s Upper West Side.
Judge Jeffrey Oing issued an order Nov. 29 finally allowing Anglo Irish Bank to move ahead with the sale of the $385 million mortgage loan to Dallas-based Lone Star Funds, but sources familiar with the negotiations say a final agreement was still being worked out to complete the deal.
The Apthorp loan, which has a remaining balance of $225 million. just before the suit was filed Sept. 13, was one of the largest in a group of $5 billion in troubled loans to be acquired by Lone Star. Anglo agreed to sell its entire $9.5 billion U.S. portfolio after the Irish government took over the troubled lender and agreed to sell off all of its non-core holdings around the world. JPMorgan Chase and Wells Fargo agreed to buy the remaining tranche of performing loans…. [more]
Attorney General Eric Schneiderman has shut down the sales office at the Apthorp, fined the developers $190,000 and ordered rescission for all contracted buyers following an investigation into misleading statements made to the AG months before they filed suit to block Anglo Irish Bank from selling their $385 million mortgage loan.
The Apthorp developers, led by Africa Israel USA and Broadwall Management, filed suit against the troubled bank Sept. 12, alleging the sale of the $385 million Apthorp loan would “adversely impact sales” and potentially “threaten the conversion project itself.”
… [more]
The developers of the Apthorp condominium, who filed suit earlier this month to block Anglo Irish Bank from selling the property’s $385 million mortgage loan, previously told state regulators that the potential loan sale would have no impact on them or the property, according to documents obtained by The Real Deal.
In February, the Apthorp developers — led by Africa Israel — disclosed in a filing with Attorney General Eric Schneiderman that it was “not in default” on the mortgage, but there was a possibility that Anglo Irish “may sell the loan, however this would have no effect on the sponsor or the building.”
That disclosure stands in stark contrast to the language used by the developers in Sept. 12 suit against Anglo Irish, where they warned that the sale would violate a 2010 loan restructuring deal and would potentially harm the conversion…. [more]
A fresh dispute is heating up for control of 103-year old landmark property the Apthorp, the Wall Street Journal reported. Developer Africa Israel USA and the building’s other owners are threatening to exercise a right in their loan agreement to block a sale of the $260 million mortgage on the property by Anglo Irish Bank to Lone Star Funds.
Private equity firms Lone Star, Wells Fargo and JPMorgan Chase triumphed in a battle for Anglo Irish’s $9.5 billion portfolio of U.S. commercial real estate loans last month. Lone Star took pools of non-performing and sub-performing loans worth around $5 billion, including the Apthorp mortgage.
The ownership is preparing to take legal action, the Journal said, but the matter may still be worked out. … [more]
Private equity firms Lone Star Funds, Wells Fargo and JPMorgan Chase have triumphed in the battle for Anglo Irish Bank’s $9.5 billion portfolio of U.S. commercial real estate loans, sources told the Wall Street Journal. Lone Star took pools of non-performing and sub-performing loans worth around $5 billion, while Wells Fargo and JPMorgan Chase are to purchase pools of performing loans, worth $3 billion to $3.5 billion and $1 billion to $1.5 billion respectively.
Anglo Irish reportedly raised an amount within its broker’s early price guidance of $7 billion to $8 billion, the Journal said.
The sales are expected to close in October. The offering includes loans backed buildings from Manhattan — including the Apthorp at 390 West End Avenue — to Beverly Hills, Calif. Wells Fargo also won an auction for Bank of Ireland’s $1.4 billion U.S. commercial real estate loan portfolio, earlier this month. [WSJ]
JPMorgan Chase and Wells Fargo are two of the banks among the final candidates that bid for parts of $9.65 billion in
U.S. property loans owned by Anglo Irish Bank, Bloomberg News
reported. The lenders are interested in acquiring pieces of the $4.52
billion of performing loans. Investor groups led by private-equity
firms Blackstone Group, together with Deutsche Bank, and Lone
Star Funds also submitted offers for parts of the portfolio, which
includes $5.13 billion of subperforming and non-performing debt,
according to Bloomberg News. Anglo Irish aims to sell off its loans after it was seized by the Irish government in January 2009 during a surge in souring debt. … [more]
Half of the bidders in the war over Anglo Irish’s $9.5 billion U.S. real estate portfolio are now out of the race, the Wall Street Journal reported, including TPG Capital, which was once considered a front-runner.
While several of the firms are vying for specific parts of the portfolio, which is being marketed by Eastdil Secured and includes both performing and non-performing loans, others such as a Blackstone Group partnership, a partnership which includes LNR Property and Lone Star Funds are looking to bag the whole lot.
Others that made it to the second round include Colony Capital, H/2 Capital Partners and Area Property Partners.
The portfolio includes a loan on the Apthorp building at 390 West End Avenue.
Second-round bids are due next week, with Anglo slated to choose a winner by September. [WSJ]
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