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New York

Glenwood takes control of stalled Midtown hotel and condo development site


Property on West 46th Street and rendering

Glenwood Management has acquired a stalled Midtown West development
site for $76.3 million after purchasing the distressed mortgage last
year and suing to foreclose on the original developer.

The site, on the west side of Eighth Avenue between 46th and 47th
streets, was originally conceived of as a 38-story hotel and
condominium tower by Tribeach Holdings, but work stalled in late 2008 when the economy began to slump.

Tribeach, led by principals James Mooney, William Fegan and Adrian
Stroie, allegedly defaulted on $78.6 million in loans there in
September 2010. As The Real Deal previously reported, Glenwood
purchased those loans from Bank of Scotland for an undisclosed price
later that month, and in October, moved to wrest control through a
foreclosure lawsuit.

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Now, Glenwood and Tribeach have settled the lawsuit, according to
recent court documents. And a deed filed with the city today shows
that on July 26 Glenwood closed on the site, which consists of vacant land, a
vacant mixed-use building and a parking lot.

Glenwood, an owner and manager of roughly two dozen high-end rental
apartments in Manhattan, is in the midst of an expansion push. Last
year, Gary Jacob, Glenwood’s executive vice president, told The Real
Deal that the company was actively seeking new properties on the West
Side.
In February, it found one, and paid Fordham University $125 million to
acquire a vacant development site and more than 300,000 square feet of
development rights on the corner of 62nd Street and Amsterdam Avenue.
The company is now planning a residential rental tower with
ground-floor retail and parking there.

Tribeach’s original plans at the Eighth Avenue site called for a
375-room hotel, and a mix of condos as well as market-rate and subsidized
rental apartments. Amenities were to include a pool, bar and
restaurant.

Jacob was not immediately available for comment, nor was the attorney
representing Tribeach in the case.

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Glenwood Management