HFZ, which is led by Ziel Feldman, and Israel's Acro Group, have closed on an $80 million deal with Anglo Irish Bank to buy the note at the Setai condominium at 40 Broad Street, according to an article last night by David Jones at therealdeal.com.
"Anglo Irish, the struggling Irish lender, put its $147 million construction loan up for sale in 2010 after the sponsor, Zamir Equities, defaulted on the debt," the article noted, adding that "Zamir completed the conversion of the 34-story office building into a condo and sold around 50 percent of the units, but former Attorney General Andrew Cuomo allowed buyers to back out of their contracts and halted future sales."
"The Setai is an outstanding product that shines within the current inventory in FiDi and I am confident that sales will go extremely well," said Prudential Douglas Elliman broker Lenny Sporn from the Tavivian-Sporn Group, who represented HFZ in the deal, the article said.
The article said that "a spokesperson for Attorney General Eric Schneiderman said an amendment was accepted March 23, which will allow the building to resume sales until a new amendment is filed in six months."
"The new buyers," the article continued, "expressed optimism that they would be able to move forward with sales at the property. Feldman has teamed with Acro on a number of other distressed assets in New York, including the note on 303 East 51st Street, the high-rise condo from Kennelly Development that was halted due to a fatal crane accident."
"Anglo Irish, the struggling Irish lender, put its $147 million construction loan up for sale in 2010 after the sponsor, Zamir Equities, defaulted on the debt," the article noted, adding that "Zamir completed the conversion of the 34-story office building into a condo and sold around 50 percent of the units, but former Attorney General Andrew Cuomo allowed buyers to back out of their contracts and halted future sales."
"The Setai is an outstanding product that shines within the current inventory in FiDi and I am confident that sales will go extremely well," said Prudential Douglas Elliman broker Lenny Sporn from the Tavivian-Sporn Group, who represented HFZ in the deal, the article said.
The article said that "a spokesperson for Attorney General Eric Schneiderman said an amendment was accepted March 23, which will allow the building to resume sales until a new amendment is filed in six months."
"The new buyers," the article continued, "expressed optimism that they would be able to move forward with sales at the property. Feldman has teamed with Acro on a number of other distressed assets in New York, including the note on 303 East 51st Street, the high-rise condo from Kennelly Development that was halted due to a fatal crane accident."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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