Developer and grocery store proprietor Jeffrey Wu has handed over a 100,000-square-foot workplace and retail constructing in Queens, N.Y., in an try to settle his chapter case. The transaction, brokered by Newmark’s Adam Spies and Daniel O’Brien, was closed with an asking worth of $796 per sq. foot.
Madison Realty Capital’s Urian Yap acquired the property at 41-60 Essential St. on February 7 for $80 million. The Flushing property, which homes tenants like Capital One Financial institution, was amongst a number of underneath mezzanine loans. Wu’s chapter submitting additionally lists a 99-unit Victoria Tower rental advanced, Hong Kong Market at 80 Elizabeth St. in Chinatown, and an industrial constructing on Lengthy Island situated at 377 Carlls Path in Deer Park, N.Y.
Court docket paperwork reveal the properties related to Wu held a mixed mortgage of $15.3 million when he filed for chapter three years in the past. Whereas Madison Realty Capital beforehand financed Wu with a $66 million mortgage, his remaining debt to them stays unclear.
Though the developer filed for chapter in 2020, it seems that no matter induced Wu’s mortgage reimbursement points predated the pandemic because the Queens workplace area had been beforehand put up on the market. As an example, in 2014, the three-story constructing was listed twice at $88 million and $92 million.
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