Distressed debt on “As the World Turns” studio hits the market

New York /
Apr.April 25, 2011 03:08 PM

The distressed loan on JC Studios, the 100,500-square-foot Midwood television and film production studio once owned by NBC, has hit the market, according to Crain’s. The facility, where “The Cosby Show” and “As the World Turns,” once taped, takes up an entire city block at 1268 14th Street and Avenue M. The studio is said to be having trouble covering the property’s maintenance now that the latter show has been cancelled, and as The Real Deal previously reported, borrower JCS Realty LLC defaulted on more than $17 million in debt last year. Now, brokerage Massey Knakal Realty Services has been tapped by its special servicer to sell the note. Bids are due May 4, and there is no asking price set. Sources told Crain’s that four investors have already made offers at far below the loan balance. JCS purchased the property, whose zoning also allows for a hotel, theater or school, from NBC in 2000. [Crain’s]


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