![]() The firm did not respond to a request for comment.ĬIBC also did not return a request for comment. The property traded for 104.4 million and the previous ownership included Crow Holdings, according to Yardi Matrix data. Torchlight specializes in distressed debt workouts and has acquired over $25 billion in commercial debt investments, according to its website. Harbor Group did not return a request to comment. Harbor Group, led by Jordan Slone, owns and manages 4.1 million square feet of commercial real estate and its portfolio is worth $12.7 billion, according to its website. Some industry pros expect this to change when the foreclosure moratorium ends. At the end of 2020, distressed asset sales accounted for just 1 percent of real estate sales, according to Real Capital Analytics. Harbor Group bought the retail portion of the Fifth Avenue condo tower in 2015 from Thor Equities for $68 million.ĭespite apocalyptic projections, little distress has hit New York’s commercial real estate market. The space was previously leased to jewelry store Charming Charlie, which filed for bankruptcy in 2017 and again in 2019. Nearly all of the 18,000-square-foot retail space will be occupied by Australian firm Brickworks, which signed a 10-year lease last year and had planned to open a design store this summer. The lender could also restructure the loan. When the moratorium ends, Torchlight could foreclose and take control of the property. New York state has a moratorium on Covid-related commercial evictions until Aug. Torchlight Investors, LLC (trade name Torchlight Debt Opportunity) is in the Money Market Mutual Funds business. Torchlight recently filed a motion to replace CIBC as the plaintiff in the lawsuit against Harbor Group.īut it could be a while before Torchlight can proceed with a foreclosure. The loan sale was completed in March, but was only recorded in public records late last month. In January, a judge appointed a temporary receiver, New York City attorney Phil Sklar, to take control of the property. Harbor buys Fifth Avenue retail condo for $68MĬIBC sued the developer in September, alleging that Harbor Group missed monthly payments and failed to keep the minimum required reserve balance of $725,000.Harbor Group sued after defaulting on $40M loan at Midtown retail space. ![]()
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