Upper West Side Rental Tower Faces $57.7M Foreclosure Auction

A 100-unit prewar rental building on the Upper West Side is headed to the auction block after its owner lost a $57.7 million foreclosure judgment, the latest sign that distress has not fully drained out of Manhattan’s rent-stabilized rental stock.

Why it matters

175 West 76th Street LLC, the plaintiff, won a foreclosure judgment against Lichter Real Estate Number One, L.L.C. and other defendants in New York Supreme Court, New York County, Index No. 850233/2024, for the property at 175-179 West 76th Street, also addressed as 341-347 Amsterdam Avenue. The judgment totals $57.7 million. A foreclosure auction is scheduled for November 10, 2026, with the legal notice first published in the Amsterdam News on October 8. The building is a fireproof elevator apartment house with ground-floor stores, built in 1925, with 100 residential units, roughly a third of them rent-stabilized, on the corner where 76th Street meets Amsterdam Avenue.

The numbers

The debt traces back to a $37.5 million loan secured by a consolidated mortgage, the court’s own March 2025 opinion in the case shows. Plaintiff 175 West 76th Street LLC, an entity whose address matches InterVest Capital Partners (formerly known as Wafra Capital Partners), acquired that note and mortgage by assignment in 2024, after a chain of transfers originating with Capital One. Lichter Real Estate Number One contested the plaintiff’s standing to foreclose and initially won on that argument, but the plaintiff ultimately prevailed on summary judgment, with the court appointing a referee to compute damages and determine the terms of a sale. The roughly $20 million gap between the $37.5 million starting balance and the $57.7 million judgment reflects default interest, fees and costs that built up over nearly two years of litigation, the kind of arithmetic that turns a mid-sized note into a much larger number by the time a building actually reaches the auction block.

What’s next

A judgment of this size against a 100-unit building puts real pressure on Lichter Real Estate Number One to either refinance, sell, or let the November 10 auction run its course. Watch whether another ownership group or lender steps in before the sale date, and whether the rent-stabilized share of the building becomes a factor in who is willing to bid. For more on distress moving through New York’s rental stock, see our New York market coverage.