New School dorm on William Street new to distressed properties list

Five NYC addresses debut on November list

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


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
The rate of loans sent to special servicers continued to fall in March. (Unsplash)
CMBS special servicing rate declines in March
CMBS special servicing rate declines in March
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
From top: Park Place Mall in Tucson, AZ with Brookfield Property Partners CEO Brian Kingston; Westfield Countryside in Clearwater, FL with Unibail-Rodamco-Westfield CEO Christophe Cuvillier; and The Mall at Tuttle Crossing in Dublin, OH with Simon Property Group CEO David Simon (Google Maps, Westfield, Simon, Getty)
These are the biggest malls landlords ready to hand over to CMBS lenders
These are the biggest malls landlords ready to hand over to CMBS lenders
(Getty, iStock)
Cash-strapped borrowers are increasingly giving keys back to lenders
Cash-strapped borrowers are increasingly giving keys back to lenders
The special servicing rate has increased each month since the coronavirus pandemic hit the United States, and clocked a 55 basis point increase to 10.04 percent in August (iStock)
CMBS delinquencies fell, but hold the applause
CMBS delinquencies fell, but hold the applause
Stuyvesant Town (Getty)
Layoffs at Blackstone’s Stuy Town management firm
Layoffs at Blackstone’s Stuy Town management firm
arrow_forward_ios

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

Loading...