911: A low-quality $ 78.6 million loan is for sale at 825 East 141st Street.
The loan to convert warehouses into offices in South Bronx, known as Union Crossing, was granted by Greg Lippmann’s LibreMax in January 2020 for owners to continue renovating and renting out the building, Commercial Observer reported.
the Bluestone group, Altmark Group, Madison Realty Capital and Galil management bought the building in 2016 for around $ 39 million. The partnership then carried out a $ 45 million renovation shortly before landing refinance with LibreMax.
The first tenant, Westhab, a nonprofit developing affordable housing, signed a 10-year lease for 8,233 square meters in November 2019. According to Westhab, the room will serve as the central office for his employees in the city.
The 282,000 square meter building was built in 1916 as a bakery for the A&P grocery chain. It was later used as a warehouse for food processing equipment until the partnership took over.
Madison Realty Capital declined a request for comment. Galil, Bluestone and Altmark did not immediately respond to a request for comment from the Commercial Observer.[CO] – Akiko Matsuda