The Real Deal New York

Posts Tagged ‘winthrop realty trust’

  • 450-Ashner

    450 West 14th Street (Photo credit: View The Space) and Michael Ashner

    Winthrop Realty Trust, the publicly traded real estate investment company, is accusing its landlord at the 15-story Meatpacking structure known as the High Line Building of refusing to provide a typically non-controversial document the company needs to secure a $55.25 million loan.

    The Boston-based Winthrop, headed by CEO Michael Ashner, through its company High Line Development, claims the landlord of 450 West 14th Street is holding back on providing a certification that the lease is in good standing. [more]

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  • winthrop

    Michael Ashner and Times Square Edition

    The CEO of Boston-based Winthrop Realty Trust, an investor in the Witkoff Group-developed Times Square Edition hotel, said last week that it plans to liquidate the company.

    Over the next two years, Michael Ashner’s commercial real estate investment trust will sell off all of its assets. Ashner said the risks are too abundant in trying to find a good deal in the recovering market. Winthrop regularly acquires small stakes in large deals, some leading to lawsuits. Ashner and investor Bill Ackman attempted to foreclose on Stuyvesant Town and Peter Cooper Village after the landlords defaulted on $4.4 billion in debt in 2010. [more]

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  • From left: Barry Sternlicht, the Highgrove Stamford, 44 Monroe in Phoenix and the Mosaic II in Houston

    From left: Barry Sternlicht, the Highgrove Stamford, 44 Monroe in Phoenix and the Mosaic II in Houston

    Barry Sternlicht’s recent $246 million sale of four high-end apartment buildings to Boston-based real estate investment trust Winthrop Realty Trust signals the start of a lucrative unloading of assets the Starwood Capital head purchased from Corus Bank back in 2009. [more]

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  • A Morgan Stanley portfolio of eight high-end CNL Hotels & Resorts properties has been seized by a group of lenders in a $600 million debt restructuring deal, sources told Bloomberg News. The lenders, New York-based hedge fund Paulson & Co., Winthrop Realty Trust and Capital Trust, had originally ponied up $1.5 billion in senior debt, $1 billion in mezzanine debt and another $800 million in corporate debt to help finance Morgan Stanley’s $6.7 billion acquisition of the resorts in 2007. But Morgan Stanley has since been struggling with the health of boom-time real estate acquisitions, having racked up $4.4 billion in such losses in 2008 and 2009. … [more]

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  • It’s no wonder hedge fund bigwig Bill Ackman put up such a fight for control of Stuyvesant Town and Peter Cooper Village: he thought he could squeeze a “$2 billion potential profit opportunity” out of a co-op conversion at the massive complex, he told attendees of the Bloomberg Link Hedge Funds 2010 Conference yesterday. Ackman’s Pershing Square Capital Management and joint venture partner Winthrop Realty put $45 million into their purchase of $300 million worth of defaulted junior debt on the property earlier this year and had attempted to foreclose. … [more]

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  • Tishman Speyer and BlackRock have 10 days to make a payment on their troubled Stuyvesant Town and Cooper Village complex before lenders step in to foreclose, sources told Bloomberg. The owners missed a $16.1 million payment on the property last week, putting them in technical default, and as a result, a group of senior mezzanine debt holders, led by Winthrop Realty Trust, said in a letter that it would pursue “rights and remedies,” including a possible foreclosure sale. The group holds $300 million in debt on the property and could act within 90 to 180 days. Tishman Speyer and BlackRock Realty purchased Stuyvesant Town, the city’s largest apartment complex with 11,200 units, for $5.4 billion in 2006, investing $112.5 million each. It was valued at just $1.8 billion in October. The $3 billion mortgage from Wachovia Bank was packaged and sold as securities to several investors including Fannie Mae, Freddie Mac and the Government of Singapore Investment Corporation, which has already reported losses in the aftermath of last week’s default. [Bloomberg]

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