Lexin Capital, a 13-year-old, New York City-based real estate company, last week made its first local investment, purchasing a defaulted loan on the development site at 815 Sixth Avenue, which also has an address of 101 West 28th Street, according to an article today at crains.com by Theresa Agovino.
Metin Negrin, owner and president of Lexin, said he has not decided what he will build on the site and noted that the company still has to finish the foreclosure proceedings against Adellco, which is run by Matthew Adell. Mr. Adell didn't return a call for comment.
Published reports said Adellco had planned a residential building on the site, at the corner of West 28th Street. It was to be named The Remy and had been designed by Costas Kondylis.
"I'm just happy to be back doing deals in New York again," said Mr. Negrin, who worked on local projects when he was at The Athena Group. Lexin currently has holdings in Florida, Nevada and France, the article said, adding that Mr. Negrin said that during the boom it was hard to buy because properties became so expensive so he stayed on the sidelines in the last three or four years, waiting to see how the city would be affected by the recession.
The article said Mr. Negrin declined to say how much he paid for the loan, adding that the capital markets team at Jones Lang LaSalle, which handled the transaction, declined to comment. "However, market sources said that Capmark Financial Group, which held the security, was seeking roughly $17 million for the loan, which had a face value of $22 million," the article added.
Adellco LLC is planning to build a residential condo tower of about 30 stories on the northwest corner of 28th Street and the Avenue of the Americas.
The site, which extends about half way to 29th Street, is now vacant. Mr. Adell had developed the 37-story Capitol at 55 West 26th Street in 2001 and the 36-story Ashton at 800 Sixth Avenue in 2004.
Adellco LLC had begun excavation work for a residential condominium tower of about 32 stories.
The design called for a very slender, glass-clad tower that almost seems to shimmy-and-shake vertically. The building has a five-story base and a setback tower that alternates rectilinear and curved corners with setbacks and cantilevered sections.
Metin Negrin, owner and president of Lexin, said he has not decided what he will build on the site and noted that the company still has to finish the foreclosure proceedings against Adellco, which is run by Matthew Adell. Mr. Adell didn't return a call for comment.
Published reports said Adellco had planned a residential building on the site, at the corner of West 28th Street. It was to be named The Remy and had been designed by Costas Kondylis.
"I'm just happy to be back doing deals in New York again," said Mr. Negrin, who worked on local projects when he was at The Athena Group. Lexin currently has holdings in Florida, Nevada and France, the article said, adding that Mr. Negrin said that during the boom it was hard to buy because properties became so expensive so he stayed on the sidelines in the last three or four years, waiting to see how the city would be affected by the recession.
The article said Mr. Negrin declined to say how much he paid for the loan, adding that the capital markets team at Jones Lang LaSalle, which handled the transaction, declined to comment. "However, market sources said that Capmark Financial Group, which held the security, was seeking roughly $17 million for the loan, which had a face value of $22 million," the article added.
Adellco LLC is planning to build a residential condo tower of about 30 stories on the northwest corner of 28th Street and the Avenue of the Americas.
The site, which extends about half way to 29th Street, is now vacant. Mr. Adell had developed the 37-story Capitol at 55 West 26th Street in 2001 and the 36-story Ashton at 800 Sixth Avenue in 2004.
Adellco LLC had begun excavation work for a residential condominium tower of about 32 stories.
The design called for a very slender, glass-clad tower that almost seems to shimmy-and-shake vertically. The building has a five-story base and a setback tower that alternates rectilinear and curved corners with setbacks and cantilevered sections.
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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