New School dorm on William Street new to distressed properties list

Five NYC addresses debut on November list

TRD New York /
Dec.December 15, 2011 04:50 PM

A William Street New School accommodation facility is one of five New York City addresses making its debut on Trepp’s list of distressed properties in November, according to data from the real estate analytics firm. (note: correction appended)

New to the 56-item list of distressed properties is Metro Loft Management’s 111,000-square-foot, 17-story building at 84 William Street, currently being used as a student housing facility for attendees of the
New School, according to the university’s website. The company is non-performing on a loan beyond maturity, with a balance of $28.9 million, after being current in October, the data shows.

Developer Joseph Moinian‘s 17 Battery Place North is now 60 days delinquent on a loan with an outstanding balance of $53 million, up from 30 days in October. Moinian informed lenders last summer that he expected to default on the loan, which matured in November.

The two other newly delinquent loans include those on smaller properties, at 60 East 79th Street in Manhattan, which has an outstanding balance of $284,000, and at 18-28 Delevan Street in Brooklyn, which owed $2.7 million.

Meanwhile, Stuyvesant Town and Peter Cooper Village held on to its title as the most financially distressed New York City property by a wide margin, with a massive $3 billion in total outstanding loans. — Katherine Clarke


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