$116M mortgage on Gluck’s 1140 Sixth Avenue to hit the market

TRD New York /
Jan.January 11, 2011 10:12 AM
1140 Sixth Avenue and Laurence Gluck

It’s a good day for investors looking to pick up commercial property debt: in addition to the $75 million senior mortgage at 80 Broad Street that just came on the market, Crain’s reported that a $116 million senior loan at 1140 Sixth Avenue is also about to hit the block. The 22-story building, owned by Laurence Gluck’s Stellar Management and Rockpoint Group, sits on the corner of West 44th Street and according to Jones Lang LaSalle’s Scott Latham, it is likely to draw “tons of interest” and as much as $600 per square foot. The loan is currently controlled by a consortium led by Landesbank Baden-Wurttemberg, which has employed Holliday Fenoglio Fowler to begin marketing it in the next few weeks. Stellar and Rockpoint bought a leasehold on the building in 2006 for $97.5 million from SL Green, but they’ve since stopped making mortgage payments and became mired in a lawsuit against their lenders, who they’ve accused of withholding funds for renovations. The estate of Sol Goldman owns the land below the building. [Crain’s]


Related Articles

arrow_forward_ios
Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

How a small stretch of land on the Far West Side became an Opportunity Zone
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt
JLL CEO Christian Ulbrich (Ulbrich by Jemal Countess/Getty Images for Women's Forum of New York)

JLL profits halved by pandemic

JLL profits halved by pandemic
410 Tenth Avenue and SL Green CEO Marc Holliday (410 Tenth via Google Maps; Holliday via SL Green)

SL Green shopping Amazon-anchored office in Hudson Yards

SL Green shopping Amazon-anchored office in Hudson Yards
Lori Shabtai and SL Green CEO Marc Holliday (Getty, SL Green)

Broker accuses SL Green of stiffing her on $1.4M commission

Broker accuses SL Green of stiffing her on $1.4M commission
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
SL Green CEO Marc Holliday, One Vanderbilt and One Madison Avenue

SL Green still believes in New York

SL Green still believes in New York
arrow_forward_ios

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

Loading...