RCA in the commercial property press:

Special Servicer Moves to Clean Up Distress in New York

The Real Deal Online reports: Miami Beach-based special servicer LNR Partners has added yet another property to its list of foreclosure targets; this time its 246 Fifth Avenue in Manhattan’s Flatiron District. Ronald and Hanna Goldberg, current-owners of the “L-shaped property on the southwest corner of 28th Street brought it in July 2007 for $20 million, financed with a $14.5 million loan,” according to the Real Deal online. That loan, however, went into default nearly one year ago after vacant space and lack of interest dried up revenue flows.

According to Real Capital Analytics’ data, LNR has taken back ten properties over the past two months, totaling $65 million or more. Other properties placed under LNR’s special serving include two properties in the Bronx as well as Silverstein Properties’ 575 Lexington Avenue, also in Manhattan.

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Posted by: Nina Turner

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