Westchester office park owned by George Comfort & Sons slated for auction

Mezzanine lender initiates foreclosure sale over $38M loan default

Tri-State /
Sep.September 17, 2021 06:44 PM
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)

The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)

UPDATED Sept. 20, 2021, 3:30 p.m.: A George Comfort & Sons office campus in Westchester County is on the auction block.

The Manhattan-based office landlord’s four-building suburban office complex called the Centre at Purchase is scheduled to be sold in a UCC foreclosure auction at 2 p.m. Monday, Sept. 20, according to a public notice.

The company has owned the 42.6-acre property at 1, 2, 3, 4 Manhattanville Road in Harrison since buying it for $166 million in 2007, public records show. Rentable office space in the four buildings totals about 686,000 square feet, according to the company’s website.

The landlord apparently defaulted on a $38 million mezzanine loan issued in 2017 by Cap Gap Lender, a Delaware limited liability company, which initiated the UCC foreclosure process. More information about the lender was not readily available, and the landlord did not immediately return a phone message requesting comment.

In addition to the mezzanine loan, the property has a $94 million senior mortgage issued by JPMorgan Chase in 2017.

At the onset of the pandemic, many businesses based in Manhattan looked into opening satellite offices closer to their employees’ homes. Westchester was said to be one of potential beneficiaries of the trend, but very few of those notions materialized, brokers say.

Still, Westchester’s office market in the second quarter saw a modest improvement as availability dropped 60 basis points from the first quarter to 22.5 percent, according to CBRE. Before the pandemic, the availability rate had finally fallen below 20 percent after developers replaced aging office buildings with medical centers and apartments amid rising demand for those uses.

Editor’s note: A judge issued a temporary injunction effective Monday, Sept. 20, postponing the auction at the request of George Comfort & Sons.






    Related Articles

    arrow_forward_ios
    Legendary Hampton Bays bar up for sale
    Legendary Hampton Bays bar up for sale
    Legendary Hampton Bays bar up for sale
    Connecticut, Long Island projects show how pandemic has changed real estate
    Connecticut, Long Island projects show how pandemic has changed real estate
    Connecticut, Long Island projects show how pandemic has changed real estate
    New Jersey’s office market hits wall in third quarter
    New Jersey’s office market hits wall in third quarter
    New Jersey’s office market hits wall in third quarter
    260 North Avenue East in Westfield NJ (Google Maps)
    Union County shopping center sells to Adoni Group for $19.2M
    Union County shopping center sells to Adoni Group for $19.2M
    Westport office building trades hands for $15M
    Westport office building trades hands for $15M
    Westport office building trades hands for $15M
    Multifamily moves for $41.2M in Fairfield County, $21.5M in Jersey City
    Multifamily assets sell for $41M in Fairfield County, $21M in Jersey City
    Multifamily assets sell for $41M in Fairfield County, $21M in Jersey City
    Hudson Valley housing market remains hot in Q3
    Hudson Valley housing market remains hot in Q3
    Hudson Valley housing market remains hot in Q3
    Sears says sayonara to Long Island; Bronx store also shutting
    Sears says sayonara to Long Island; Bronx store also shutting
    Sears says sayonara to Long Island; Bronx store also shutting
    arrow_forward_ios

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

    Loading...