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Alleged slumlord sells distressed portfolio to Queens owner for $22M

Stress builds as office building owners and lenders haggle over debt

US banks’ unwillingness to lend and building owners’ desperation for credit have created a standoff. Some landlords threaten to default, betting banks and investors stand to lose more in a foreclosure.

Stress builds as office building owners and lenders haggle over debt

Office districts in nearly every U.S. city have been under great stress since the pandemic emptied workplaces and made working from home common.

Stress Builds as Office Building Owners and Lenders Haggle Over Debt

The health of banks and cities and the nation’s economy could hinge on high-stakes negotiations over commercial real estate loans.

Madison Realty Capital saddled with 15 rent-stabilized buildings

The company also will need to register almost 200 of the units with the state Division of Housing and Community Renewal at or below a monthly rent of $2,000. Around 50 of them will be registered at or below $1,000 per month. James’ first investigation into Toledano began after the state’s Tenant Protection Unit began receiving numerous complaints from tenants and community members about unsafe construction practices and harassment.  The investigation found that Toledano designed renovations in the buildings, which included mostly rent-stabilized apartments, to increase rents above the threshold needed to remove apartments from rent control. Madison knew about his illegal plans, James said, but loaned him more than $120 million to buy the properties anyway.