InterVest Capital Files $126.4M Pre-Foreclosure Notice at 30 Broad Street
Bill Brodsky and Elliott Ingerman’s Tribeca Investment Group bought the 1920s-era office building in 2016
By Brian Pascus July 29, 2024 6:01 pm
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InterVest Capital Group has filed a pre-foreclosure action against Bill Brodsky and Elliott Ingerman’s Tribeca Investment Group for failing to pay its $126.4 million loan secured by 30 Broad Street, court records show.
The lender argued that Tribeca has failed to make monthly payments on its loan tied to the 477,000-square-foot office building in downtown Manhattan for more than a year and filed the case in New York State Supreme Court on July 28.
PincusCo first reported news of the foreclosure notice. InterVest and Tribeca did not respond to requests for comment.
Ingerman and Brodsky had purchased the groundlease of the property in 2016 and refinanced the loan in 2019 for $124.5 million, with $89.3 million coming from M&T Bank and $35.2 million coming from Citizens Bank, according to court documents.
M&T Bank sold the loan secured to Intervest in February 2024.
Intervest now accuses Tribeca Investment Group of failing to make any payments on the loans connected to the building for all 12 months of 2023, with the initial forbearance agreement having expired on Dec. 31.
“Additional events of default have occurred and are continuing under the forbearance agreement as a result of borrower’s failure to make any of the required payments in accordance with the forbearance agreements,” Intervest wrote in its complaint.
InterVest is suing for payment of the principal sum and all interest accrued to be “immediately due and payable in full and demands payment thereof,” according to the complaint.
Known as the Continental Bank Building, 30 Broad Street is a 50-story Art Deco skyscraper that opened in 1929. The brick and limestone building sits next to the New York Stock Exchange in the Financial District.
Solil Management owns the fee interest on the building, which is expected to face a ground lease reset in 2035, potentially increasing rents for all future tenants.
The annual rent for the building was $2.7 million when Tribeca Investment Group purchased the ground lease in 2016, according to PincusCo.
Brian Pascus can be reached at bpascus@commercialobserver.com
