Fifty Third News Today

A look at some of the strategies commercial real estate lenders used during the pandemic, including deed-in-lieus and UCC foreclosures.

A look at some of the strategies commercial real estate lenders used during the pandemic, including deed-in-lieus and UCC foreclosures.

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Share via Shortlink A photo illustration of the Belnord at 225 West 86th Street and HFZ CEO Ziel Feldman (Getty; iStock/Illustration by Kevin Rebong for The Real Deal) On its website, HFZ Capital Group touted plans to usher the historic Belnord rental building on the Upper West Side “into a grand new era.” But the developer’s descent into its own new era — one defined by huge debt, scores of lawsuits and the loss of several properties — means the Belnord condo conversion will ...

Once considered a big draw, small urban condos became a tougher sell this year as city dwellers fled to the suburbs. Cities like Westchester and the Hamptons saw renewed interest as buyers looked for bigger homes, amenities such as pools and gyms, and lots of space for the same price as a swanky Midtown condo. To lure in city buyers, New York’s developers have been racing to outdo each other, offering everything from major price cuts to lavish gifts including cars and custom-designed office s...

Latisha Thompson, an attorney with Morrison Cohen who represents HFZ, said there is currently no date or timeline for when a new foreclosure sale will occur. The sale could have allowed either CIM or a new investor to ultimately take control of the four condo conversion projects: 88-90 Lexington Avenue, The Astor at 235 West 75th Street, and Fifty Third and Eighth at 301 West 53rd Street. CIM held four junior mezzanine loans with a balance of $89.5 million that had equity interests in the four ...