Mendlowits regains control of UWS complex

TRD New York /
Jul.July 09, 2010 03:00 PM

Investor Mendel Mendlowits was allowed to regain control of his Upper
West Side rental complex after he refinanced the property in the middle
of a foreclosure suit from iStar Financial, according to court
documents and legal sources.

State Supreme Court Judge James Yates issued an order  discharging
Peter Weiss of Manhattan-based property management firm Walter &
Samuels, as court-appointed receiver and transferring the 134-unit
tenement complex, at 201 West 92nd Street and 200 West 93rd Street,
back to Mendlowits.

“iStar Financial and 92 Equities have entered into a loan
transaction that dispenses with any further need for the receiver to
perform the duties delegated to him or to exercise the powers granted
to him pursuant to The Order Previously Entered By This Court,” wrote
Yates, in his July 1 order.

In 2008, Mendlowits acquired the building from developer Kent Swig in a
distressed sale, after iStar filed suit to foreclose on the building.
Swig, along with investment partners Yair Levy and Charles Dayan, were
unable to build additional units on the roof of the property and covert
it into a condominium due to fierce opposition from tenants and local
officials.

Mendlowits later defaulted on the building’s $46 million mortgage, and owed the bank $53 million, when adding interest, fees and other expenses. 

Brooklyn-based
Noam is scheduled to take over management of the property, according to
court documents. It is not clear what Mendlowits plans to do with the
property, however numerous retail stores remain unrented.

Gary Stahl, attorney for Mendlowits and 92 Equities, was not
immediately available for comment. Mendlowits was not immediately
available for comment.

 

Related Articles

arrow_forward_ios
Jay Sugarman (Credit: portfolio breakdown map courtesy of Safehold Inc.)

Safehold’s deal pipeline shrinks while incomes hold steady

Safehold’s deal pipeline shrinks while incomes hold steady
Jay Sugarman

Behind Safehold’s paydirt plan

Behind Safehold’s paydirt plan
Safehold’s Jay Sugarman and 685 Third Avenue (Credit: iStar and Google Maps)

Safehold finances 685 Third ground with $135M from John Hancock

Safehold finances 685 Third ground with $135M from John Hancock
From left: Safehold president & CIO Marcos Alvarado, Safehold chairman & CEO Jay Sugarman and 425 Park Avenue, the Alohilani Resort Waikiki Beach in Honolulu, 195 Broadway and 685 Third Avenue (Credit: Google Maps)

Safehold was top-performing REIT of 2019 and doesn’t own any buildings

Safehold was top-performing REIT of 2019 and doesn’t own any buildings
From left: A rendering of 425 Park Avenue, iStar CEO Jay Sugarman, and Nuveen managing director Nadir Settles (Credit: rendering via L&L Holding/Sugarman by Emily Assiran/Settles via Nuveen)

iStar-managed REIT signs $620M contract to buy ground lease at L&L’s 425 Park

iStar-managed REIT signs $620M contract to buy ground lease at L&L’s 425 Park
New Jersey Cheat Sheet: Hampshire, Pinnacle approved for Montclair redevelopment, iStar seeks to sell $6M Asbury Park condos… & more

New Jersey Cheat Sheet: Hampshire, Pinnacle approved for Montclair redevelopment, iStar seeks to sell $6M Asbury Park condos… & more

New Jersey Cheat Sheet: Hampshire, Pinnacle approved for Montclair redevelopment, iStar seeks to sell $6M Asbury Park condos… & more
Asbury Park is set to receive $6M condos. Is the sleepy beach town ready for them?

Asbury Park is set to receive $6M condos. Is the sleepy beach town ready for them?

Asbury Park is set to receive $6M condos. Is the sleepy beach town ready for them?
New Jersey Cheat Sheet: Jersey City office tower sells for $170M, Mack-Cali buys Metropark building amid big portfolio sale… & more

New Jersey Cheat Sheet: Jersey City office tower sells for $170M, Mack-Cali buys Metropark building amid big portfolio sale… & more

New Jersey Cheat Sheet: Jersey City office tower sells for $170M, Mack-Cali buys Metropark building amid big portfolio sale… & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...