Four new properties make NYC distressed list

By Sarabeth Sanders | July 08, 2010 03:00PM

Four New
York City addresses made their debuts on Trepp’s list of distressed
properties in June, and one made a re-entry, according to data compiled
for The Real Deal (see chart below). New to the 48-item New
York City list is Argus Realty’s 32,049-square-foot office property at
246 Fifth Avenue, which is 60 days delinquent with a $14.5 million loan
balance, and two Bronx multi-family portfolios in foreclosure, with
loan balances of $36.5 million and $35 million. Another newcomer is 405
East 77th Street, a 15-unit apartment building that’s 60 days
delinquent with a $3 million loan balance.

Back on the list in June was the Core Club retail space at 60
East 55th Street. The high-end club takes up five floors of RFR
Realty’s mixed-use Condominium Tower Known As Park Avenue Place. The
club was on Trepp’s list in April as a foreclosure property with a $17.89 million loan balance, but exited the list
in May. Now classified as 90 or more days delinquent, the property has
returned to Trepp’s list with a slightly-improved $17.84 million loan

Four properties exited Trepp’s list in June: two Walgreens properties
— one in Queens and one in Staten Island — as well as 110-113 55th
Avenue, a multi-family property in Corona, Queens, and 1995-2001 Coney
Island Avenue in the Gravesend section of Brooklyn.

Meanwhile, the city’s top three distressed properties from May (click here
to look at the May list) held onto their titles last month. Foreclosed
complex Stuyvesant Town and Peter Cooper Village once again came in
first by a wide margin with $3 billion in loans outstanding, followed
by Joseph Moinian’s 1775 Broadway office property, which was upgraded
to 90 days delinquent from 60 days but came in with a $248.7 million
loan balance, down from $248.93 in May. The bank-owned Riverton
Apartments in Harlem came in third with $225 million in outstanding