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(Photo illustration by The Real Deal) Downtown Capital Partners, an alternative lender based in White Plains, New York, fired off a note to All Year Management and its founder, Yoel Goldman, last month: Cough up tens of millions of dollars of unpaid debt on a Gowanus development site or risk losing the property. The note from Downtown Capital threatening to take over the vacant site is one of several signs of All Year’s broader financial problems. The Brooklyn-based developer is also facing foreclosure on half of its massive Denizen luxury rental project at the site of the former Rheingold Brewery in Bushwick and was delisted from the Tel Aviv Stock Exchange in early January. ....
The main tenant entrance, on the building’s northeast side, will face the new park. Mack Real Estate Group is planning to buy Block 6.1B at Yesler Terrace, which now goes by 821 S. Washington St., and with architect GGLO has applied for a master use permit. The proposed eight-story apartment building would have 200 units and 122 parking stalls on two levels mostly below grade. The plan is proceeding through administrative design review only. ....
| UPDATED: 19:47, Sun, Jan 3, 2021 Link copied Trump: Expert discusses Jared Kushner s foreign investors Sign up to receive our rundown of the day s top stories direct to your inbox SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Mr Kushner is not only Ms Trump s husband but the senior advisor to her father, President Donald Trump. Earlier this week, it was reported that President Trump blamed Mr Kushner for his election defeat over his work coordinating the coronavirus testing effort. The New York Times quoted Mr Trump as having said to Mr Kushner before the November election: I’m going to lose - and it’s going to be your fault, because of the testing. ....
From left: Thor Equities’ 590 Fifth Avenue, the Mark Hotel and Wonder Works’ Vitre Churchill Real Estate’s Justin Ehrlich has seen a lot during his time as a developer and lender in New York. He witnessed the collapse of the real estate market during the 2008 financial crisis, followed by the mad rush to build luxury condo towers in some of Manhattan’s swankiest neighborhoods. But nothing compares to the past nine months, he said. “It’s not normal,” Ehrlich noted. “It’s the worst I’ve ever seen.” He pointed to an unusual rise in Uniform Commercial Code foreclosures by mezzanine lenders, which he sees as a canary in the coal mine for a mound of distress expected to hit the market in the next year. While judicial foreclosures are still banned under an emergency order by New York Gov. Andrew Cuomo, UCC foreclosures on some high-stakes projects have been moving ahead in recent months since they can bypass state courts. ....