Chinatown mixed-use building heads to bankruptcy auction

Bidding for 55-59 Chrystie Street set for this month

New York /
Jan.January 16, 2020 04:00 PM
55-59 Chrystie Street and Rosewood Realty's Greg Corbin (Credit: Google Maps)

55-59 Chrystie Street and Rosewood Realty’s Greg Corbin (Credit: Google Maps)

A mixed-use property in Chinatown will be auctioned off at the end of January after its owner failed to attract new office tenants to the bankrupt building.

The roughly 46,000-square-foot building, at 55-59 Chrystie Street, has been owned since 1982 by CTW Realty, according to property records. Greg Corbin and his team at Rosewood Realty will hold the bankruptcy auction Jan. 30 at law firm Herrick Feinstein’s office at 2 Park Avenue.

CTW Realty’s Gary Tse had several legacy tenants in the building, and his business plan was to clear them out and recruit tenants from industries such as media and tech, according to Corbin. But after getting several of the older tenants to leave, he was not able to replace them and defaulted on a $25.1 million loan last year.

“Unfortunately, he didn’t execute his business model quickly enough,” said Corbin. “It was a great idea.”

Representatives for CTW Realty could not be reached for comment.

Bids on the property are due Jan. 28, according to Rosewood.


Related Articles

arrow_forward_ios
Estate Partners' David Aviram, FIA Capital Partners' David Goldwasser and Steve Croman (LinkedIn, Google Maps, Getty)
Steve Croman: I was duped by predatory lender
Steve Croman: I was duped by predatory lender
Holiday Inn at 99 Washington Street (Google Maps, Getty)
Facing foreclosure, world’s tallest Holiday Inn files for bankruptcy
Facing foreclosure, world’s tallest Holiday Inn files for bankruptcy
Attorney General Letitia James with 198 Scholes Street, 11 Gunther Place, 506 Dekalb Avenue and 65 Kent Avenue (Illustration by THe Real Deal with Getty, Google Maps)
Yoel Goldman’s All Year Management investigated by NY attorney general
Yoel Goldman’s All Year Management investigated by NY attorney general
350 East 52nd Street (Google Maps)
Landlord seeks $10M from mom over rent overcharge claims
Landlord seeks $10M from mom over rent overcharge claims
Madison Realty's Josh Zegen with plans for 159 Broadway (LinkedIn, Rosewood Realty Group, The Corbin Group)
Madison Realty to take control of Isaac Hager’s Williamsburg hotel project
Madison Realty to take control of Isaac Hager’s Williamsburg hotel project
Quintin Primo, Joel Schreiber and Broadway Trade Center (Linkedin, Getty, OMGIVING)
Quintin Primo’s deal to buy the Broadway Trade Center is dead
Quintin Primo’s deal to buy the Broadway Trade Center is dead
Former Sears chairman Eddie Lampert (Getty)
Sears crawls out of bankruptcy in tatters
Sears crawls out of bankruptcy in tatters
Miles Kwok with 781 Fifth Avenue (
Trustee alleges “shell game” over Chinese exile’s UES penthouse
Trustee alleges “shell game” over Chinese exile’s UES penthouse
arrow_forward_ios

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

Loading...