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

January 11, 2011 10:12AM

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]