UWS Food Emporium, Cobble Hill’s Trolley House new to CMBS delinquency list

By Sarabeth Sanders | December 03, 2010 06:09PM

From left: the Food Emporium at 250 West 90th Street and 129 Boerum Place in Cobble Hill (source: PropertyShark)

The newest commercial mortgage-backed securities loans to become 60 or more days delinquent in New York City, based on data from analytics firm Trepp through Dec. 1 and research by The Real Deal:

Food Emporium, 250 West 90th Street, Manhattan
This is the fifth time in the past year that the struggling grocery chain, owned by the A&P but reportedly up for sale, has been late on payments for its $16.6 million loan balance at the 20,000-square-foot Upper West Side space. Special servicer LNR wrote in its latest comments on the loan that “counsel has been retained,” which, according to Trepp analyst Paul Mancuso, “may indicate that they are working toward a loan resolution [or] workout.” The A&P didn’t respond to a request for comment.

Boerum Place Apartments, 129 Boerum Place, Brooklyn
This rental building in Cobble Hill, known as the Trolley House, was briefly on the market for $24 million in 2007 as part of a $49 million portfolio of apartments in the neighborhood, but city property records show that a sale never materialized. Its current owner is still Boerum Place Properties, led by Brooklyn investor Frank DeFalco. The loan balance is $7.78 million, according to Trepp, and is classified as non-performing beyond maturity. DeFalco was not immediately available for comment.


The following CMBS loans backed by New York City properties had been previously classified as “severely distressed” by Trepp but were no longer 60 or more days delinquent as of Dec. 1:

The Time Hotel, 224 West 49th Street, Manhattan
This hotel, which had a $55 million loan balance that was once more than 90 days delinquent, has received a loan modification, according to Trepp.

Borough Park Portfolio II, various addresses, Brooklyn
This multi-family building portfolio had a $16 million loan balance that was once more than 90 days delinquent. According to Trepp’s most recent records, the loan is now current.

110 Beard Street, Brooklyn
This industrial building had a $9.1 million loan balance that was in foreclosure. The loan has now been liquidated, Trepp’s database shows.

131-133 Boerum Street, Brooklyn
This multi-family building had a $510,000 loan balance that was more than 90 days overdue, but the loan is no longer delinquent, Trepp said this month.