2013 Owners Magazine
The $170 million loan on a 312-unit portfolio of Manhattan rental apartments owned by the Parkoff Organization has gone into special servicing due to “imminent monetary default,” according to an email from Fitch Ratings.
Morgan Stanley originated the full-term, interest-only loan—now in the hands of CWCapital Asset Management—in March 2007. The loan, which is due to mature in April 2017, had been on the servicer’s watchlist prior to the transfer, according to Fitch.
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Dermot Property Associates has sold a portfolio of 14 buildings in Manhattan, the Bronx and Queens for $190.5 million, The Commercial Observer has learned.
Ten of the buildings – five in Manhattan and five in the Bronx – were sold to the Parkoff Organization for $158 million, and the remaining four were sold to Douglaston Realty, said Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers.
The 14 buildings were initially marketed as a package before it was determined that splitting it up was in the best interest of both the buyers and the seller.