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Return to Lender: Week of August 21, 2025
- A new buyer has taken control of one of the Kushner family’s foreclosed properties that was formerly home to The New York Times, according to the New York Business Journal. The 245,000-square-foot retail portion of 229 W. 43rd St. and 216–226 W. 44th St. In Midtown Manhattan has been sold to an entity called Forum at Times Square LLC for $28 million. The retail space encompasses the first four floors and the lower two levels of the building. The acquisition comes after Wilmington Trust foreclosed on the property and forced the Kushner Cos. to auction the property in 2024.
- An unnamed private investor paid an undisclosed amount to acquire 801 Travis, a, 22-story, 222,192-square-foot office tower in Houston’s CBD, according to the Houston Business Journal. JLL represented the court-appointed receiver in the sale, while the buyer was represented by Morris Chen, a Houston-based broker with Jaco Property. Although terms of the deal were not disclosed, the building had an appraised value for tax purposes of $33.9 million.
- The Aviation Mall in Queensbury, NY will be put up for a mortgage foreclosure auction next month, about 16 months after the property was put into receivership, reported the Albany Business Review. The roughly 630,000-square-foot mall will be offered in a public auction on Sept. 10 at 11 a.m. The mall was put into receivership in May 2024 when its owner, Pyramid Management Group, defaulted on a $25.4-million loan with Deutsche Bank Trust Co. Americas.
- The Philadelphia Business Journal reported that a trial date has been set in the foreclosure case for 1700 Market St., an 850,723-square-foot office building in Center City West that has dealt with mounting financial distress in recent years. San Francisco-based Shorenstein owns the 32-story building and owes more than $186.7 million on a CMBS loan, according to court records. The foreclosure case is now scheduled for a March trial in the Philadelphia Court of Common Pleas.
- 90 Hudson (BMARK 2018-B1, BMARK 2018-B2 & BMARK 2018-B3) moved to special servicing after losing its largest tenant, Morningstar Credit reported. The loan, backed by a 432,000-square-foot office building in Jersey City, reported a 2.27x DSCR in 2024 while the property remained nearly fully occupied. However, lead tenant Lord Abbett, which occupied 61% of the property, vacated when its lease expired at the end of 2024.
- Concord Plaza ($35.4 million | BMARK 2018-B6 & BMARK 2018-B7 | CMBX.12) moved to special servicing ahead of its September 2025 maturity. Morningstar Credit reported that the loan, backed by a 359,000-square-foot office building in Wilmington, DE, originally matured in September 2023, but the borrower obtained a modification extending maturity to September 2025. Performance has worsened since that modification.
- The loan tied to a high-profile Uptown Oakland apartment building is in default, which the owner blamed on “a slow and anemic recovery from the effects of the pandemic,” the San Francisco Business Times reported. Oakland-based Signature Development was served a notice of default for the debt backing Mason at Hive, a 105-unit apartment building in Uptown Oakland that was built in 2015 as part of a larger project called The Hive. The developer defaulted on a $39.7-million loan originated in 2016 and modified in 2020, and still owes $1 million on the loan.
- ◦Sale/Acquisition
- ◦Financing
