Special servicer CW Capital has filed suit to foreclose on a 356,000-square-foot pre-war office tower at 315 Park Avenue South owned by BCN Development’s Craig Nassi, according to Supreme Court records filed late last week.
Nassi, who bought the building for $265 million in 2007, is delinquent on a securitized loan of more than $200 million, according to the complaint, filed by attorney Edward Smith and Rishi Kapoor of the law firm Venable. His company was originally issued the loan in June 2007 by UBS Real Estate Securities but the debt has since been reassigned several times, first to LaSalle Bank National Association, later to Bank of America once it merged with LaSalle and finally to U.S. Bank National Association in February 2012. The Venable attorneys were not immediately available for comment. [more]