Riverton Apartments is at the top of the list of New York City’s commercial properties that are at least 60 days delinquent, by size of loan balance, according to data from commercial loan tracking firm Trepp updated through today. (See full list of delinquent properties — and zoom in on it — here, plus see a slide show of some of the properties above.) Laurence Gluck bought Riverton, the 12, 13-story buildings that lie between 135th and 138th streets and Fifth Avenue and Harlem River Drive, for $135 million in 2005, then refinanced the property with a $225 million mortgage. The foreclosure auction is set for March 11. Other large delinquent properties include Hampshire Hotels & Resorts’ Dream Hotel at 210 West 55th Street, with a loan balance of $100 million, and Time Hotel at 224 West 49th Street, also owned by an affiliate of Hampshire Hotels & Resorts, with a balance of $55 million. Also included on the list are the Meyberry House at 220 East 63rd Street with a $90 million loan balance and and the Core Club retail condominium at 60 East 55th Street, with an $18 million balance. The Real Deal looked at commercial properties that were 90 or more days delinquent in its 2010 Data Book. TRD [more]

From left: the Soho Grand Hotel, Tribeca Grand hotel and the Maritime Hotel are possible credit risks

The troubled hotel climate in Manhattan prompted securitized loan servicing firms to characterize five mortgages for hotels, including the Soho Grand, as potential credit risks last month. The move doubles the number of Manhattan hotels on so-called watchlists to 11. The largest loan is for a $195 million note covering both the Soho Grand and Tribeca Grand, which are both owned by Hartz Mountain Industries. The loan was put on the watchlist in part because the hotels do not generate enough cash to cover the debt service payments, its servicer report says. [more]

From the August issue: In Stanley Kubrick’s cult classic film “The Shining,” a once-luxurious
hotel paradise turns out to be a house of horrors that’s nearly
impossible to escape. Right now, it seems that New York’s hotel investment sector is
having its Shining Moment. The hundred or so hotels developed during
the last few years are beset by murderous debt levels, credit markets
that prevent easy escape via refinancing and the specter of
Depression-like economic troubles.
“For the first half of the year, people were hoping we would
recover, or they could work out deals with the lenders,” said Bradley
Burwell, a senior associate in CBRE’s Capital Markets Group for hotels.
“May killed that hope, and June was not much better — and it’s finally
gotten to the point where borrowers have run out of money.” [more]

A $100 million loan secured by the Dream Hotel at 210 West 55th Street
in Midtown was put on a special servicer status, indicating the
possibility it may become delinquent, according to loan tracking agency
Trepp. The loan payment was late in April but the note was not in default, Trepp determined. A loan packaged in a commercial mortgage backed security is transferred
to a special servicer when there is a possibility of default. [more]