Madison Realty Capital Buys Bankrupt Developer’s Queens Property for $80M
By Abigail Nehring February 21, 2024 11:44 am
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Bankrupt outer borough developer Jeffrey Wu handed off a Queens property to a creditor for $80 million, city property records show.
Madison Realty Capital’s Urian Yap signed the deal Feb. 7 to acquire 41-60 Main Street in Flushing, Queens, from Flushing Landmark Realty, a company tied to Wu.
Wu, who also goes by Myint Kyaw, filed a Chapter 11 petition in New York’s Eastern District in 2020 to initiate bankruptcy proceedings for Flushing Landmark and two other companies tied to his properties in Manhattan, Queens and Long Island.
U.S. bankruptcy court filings show Wu is attempting to restructure his balance sheet on a portfolio that includes the 100,500-square-foot Main Street commercial building, the neighboring 99-unit Victoria Tower condominium development at 133-38 Sanford Avenue, the Hong Kong Market at 80 Elizabeth Street in Manhattan’s Chinatown, and a Long Island industrial building at 377 Carlls Path in Deer Park, N.Y..
The three companies tied to the properties held loans totaling $15.3 million when Wu initiated bankruptcy three years ago, The Real Deal reported.
Madison Realty Capital signed off on a $66 million bridge loan for Wu to refinance the two Flushing properties in 2014, but the size of Wu’s remaining debt to Madison is unclear.
Wu also previously tried to sell the 41-60 Main Street property twice in 2014. He first put it up for sale with an $88 million asking price and then later relisted it for $92 million after getting “so many unsolicited offers that he couldn’t refuse,” broker David Schechtman, who was at Eastern Consolidated at the time, told TRD.
Spokespeople for Wu and Madison Realty did not immediately respond to requests for comment.
Newmark (NMRK)’s Adam Spies and Daniel O’Brien brokered the deal. Spies and O’Brien declined to comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
