--- In [email protected], "Sharon" <sharon_b...@...> wrote:
>
> Exactly! That is just the message I was going to post, so where
> does a potential bankruptcy, leave the City and the properties
> that the last 3 developers were supposed to be managing/owning/co-owning,
> etc. Thank you for keeping us informed. The powers that be, certainly
> aren't! Who OWNS Asbury Park's Boardwalk, Convention Hall, Casino, etc.?
>
>
iStar uncertainties could hit several NY properties
Possible bankruptcy by big real estate financier could complicate matters at
projects ranging from Trump Soho New York to One Madison Park.
By Marine Cole
Published: September 22, 2010 - 2:00 pm
The potential bankruptcy of iStar Financial could complicate matters at a
number of properties where foreclosure proceedings are already underway in New
York City.
IStar, which bills itself as a "true one-stop private banker to high-end
commercial real estate owners," had 11.7% of its loans concentrated in New
York, as of the end of December 2009, according to its website. It also has
more than 10% of its loans in the troubled California and Florida real estate
markets.
Bloomberg News reported Tuesday that iStar is currently seeking to restructure
some of its $8.6 billion debt and that it might seek bankruptcy protection
sometime next year. The company could not immediately be reached for comment.
Trump SoHo New York, the luxury hotel condominium in downtown Manhattan, is one
of the most famous local projects financed by iStar. The company recently
increased its mortgage for the development by $20 million through a
restructuring. Trump SoHo, a joint venture by the Sapir Organization, Bayrock
Group and an affiliate of the Trump Organization, declined to comment.
IStar also has loans on some New York properties currently in foreclosure
proceedings, according to data compiled by Real Capital Analytics.
Its $131 million loan for a development site at 855 Sixth Ave. is currently
delinquent. In addition, foreclosure proceedings were recently initiated on an
apartment building at One Madison Park at 20 E. 23rd St., owned by Slazer
Enterprises, where iStar holds the $310 million delinquent mortgage. There's
also litigation underway related to its $76 million delinquent mortgage for an
apartment building at 49 E. 34th St., an apartment building owned by Esplanade
Capital.
But it's too early to say for sure what impact an iStar bankruptcy might have.
"Any decisions would need to be approved by a bankruptcy court," said Ben
Thypin, an analyst at Real Capital Analytics. "It delays the resolution."
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