$89M Judgment Sends 2 Washington St Unit 3B to Auction Oct. 13
The judgment is $34.0M above the $55M consolidated loan the trust bought in 2016, and 12 days remain.
Nyack 2 Washington LLC, the owner of Unit 3B at 2 Washington Street in Lower Manhattan, faces a foreclosure auction on Oct. 13 on an $89,022,691.78 judgment, 12 days from today, per a legal notice first published Sept. 17 on Column, the public-notice site.
Why it matters
The plaintiff is Wilmington Trust as trustee for Citigroup Commercial Mortgage Trust 2016-P3, in New York County Supreme Court (Index 850020/2024). The judgment is about 1.8 times the $49.2M 2016 deed price and $34M above the $55M consolidated loan. The amount, sale date and index number come from the court’s notice of sale, which our foreclosure tracker logged from the public-notice listing on Sept. 17; the notice’s time, place and referee were not captured, and Unit 3B’s use is not stated in the records we reviewed. No record we found names a company behind the LLC.
The numbers
The March 2016 deed shows Safon LLC, c/o The Moinian Group, selling to Nyack 2 Washington LLC for $49,233,455. That day the buyer signed a $37 million mortgage to Natixis Real Estate Capital and a $55 million consolidation agreement. Natixis assigned the loan to Wilmington Trust on April 13, 2016. The judgment is $34.0 million above the $55 million loan and 1.81 times the price. We do not know the current balance, so we cannot say how much of the gap is interest and costs. ACRIS also lists four 2023 filings between the owner and The 17 Battery Place Condominium, which we did not open.
What’s next
Watch for an adjournment or a deed from the referee after Oct. 13, and for whether the trust credit-bids. Lenders and buyers of Lower Manhattan commercial and condo units can compare it with another discounted sale in our Union Square rental report and the New York market page.
On the record
What we checked ourselves, and where you can check it too.
- Public recordACRIS deed 2016032301007010, dated March 17, 2016, conveys the unit (block 15, lot 1004) from Safon LLC c/o The Moinian Group to Nyack 2 Washington LLC for $49,233,455. The same day the owner signed a $37,000,000 mortgage to Natixis Real Estate Capital (2016032301007012) and a $55,000,000 consolidation agreement (2016032301007013). The $89,022,691.78 judgment is 1.81 times the purchase price and $34,022,692 above the $55M loan.View the record on a836-acris.nyc.gov
- Public recordNatixis assigned the loan to Wilmington Trust, National Association, as trustee, on April 13, 2016, recorded May 6, 2016 (ACRIS 2016050400515001), about seven weeks after closing. That matches the trust named as plaintiff, Citigroup Commercial Mortgage Trust 2016-P3. We did not verify the securitization link beyond the matching trustee.View the record on a836-acris.nyc.gov
- Our dataOur math: $89,022,691.78 less the $55,000,000 consolidated loan is $34,022,691.78, which would be interest, fees and costs if the loan was never reduced. We do not know the current balance, so the split is unconfirmed. From Oct. 1 to Oct. 13 is 12 days.View the record on a836-acris.nyc.gov
Sources
- NYC ACRIS, deed document 2016032301007010Deed, March 17, 2016, Safon LLC c/o The Moinian Group to Nyack 2 Washington LLC, amount $49,233,455
- NYC ACRIS, mortgage document 2016032301007012Mortgage, $37,000,000, Nyack 2 Washington LLC to Natixis Real Estate Capital LLC
- NYC ACRIS, consolidation agreement 2016032301007013Consolidation agreement, $55,000,000, Nyack 2 Washington LLC and Natixis Real Estate Capital LLC
- NYC ACRIS, assignment 2016050400515001Assignment, April 13, 2016, Natixis Real Estate Capital LLC to Wilmington Trust, National Association, as trustee
- NY Courts NYSCEF case search, Index 850020/2024Court case search for Index 850020/2024, Wilmington Trust v. Nyack 2 Washington LLC