A development site located inside the Hudson Yards redevelopment area at 431-439 West 37th Street has sold for $18.7 million, according to commercial real estate services firm Holliday Fenoglio Fowler, which represented the buyer, an LLC called Jackson Development. The site will likely be used for a 12-story, 110,700-square-foot luxury residential building, according to the brokerage. It was not immediately clear when Jackson Development will break ground on the site, located between Ninth and 10th avenues. Holliday Fenoglio Fowler was not immediately available for further comment. TRD [more]

In a continued effort to unload its New York City real estate holdings, the battered Anglo Irish Bank is selling its $147 million defaulted construction loan on the Setai Wall Street condominium, the Wall Street Journal reported. The 34-story converted office building by Zamir Equities was completed earlier this year and is around 50 percent sold; 40 percent of the units have closed and another 10 percent are in contract, despite many buyers having backed out of their contracts due to construction delays, according to the developer. [more]

Paul Massey

Investment sales brokerage Massey Knakal Realty Services began interviewing candidates to head its new mor [more]

From left: Whitney Wilcox, Isaac Zion, Howard Nottingham, Jay Koster, Steven Koppel, at last night’s REBNY meeting

Lenders mulling which borrowers to chase into foreclosure will be considering not only the viability of the struggling real estate projects but also the relationship with the developers, finance experts said at a panel last night held at the Real Estate Board of New York. While most lenders do not want to take back distressed properties and are content to extend loan terms, in certain situations they will move against the owners. In those cases, aggressive efforts to take back properties will at times be made based on the level of business the borrower has with the lender, said panelist Steven Koppel, partner at law firm Jones Day. “A strong bank may have more of an appetite to force the issue, especially if the borrowing entity is not a client they want in the future or is in an asset class they are not really interested in,” Koppel said. Comments

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