Tribeca Associates is in its final days of controlling 30 Broad Street in the Financial District.
A judge set an auction date for the property’s ground lease, PincusCo reported. The foreclosure auction for the 47-story, 477,000-square-foot office tower will take place at New York County Supreme Court on June 25.
The judge set the auction after a $163 million judgment lien was issued against Elliott Ingerman and Bill Brodsky’s Tribeca, which includes accrued interest and other costs. Lender InterVest Capital Group filed a $126 million pre-foreclosure action against the Tribeca Investment Group affiliate back in July.
InterVest did not respond to a request for comment from The Real Deal. Tribeca could not be reached.
Tribeca acquired the leasehold of the Financial District office property in 2016 from a partnership led by Charles Ishay’s Gotham Realty Holdings for $130 million. At the time, it took out a $96 million loan from M&T Bank. It later refinanced the property in 2019, upping the debt to $124.6 million. InterVest — formerly known as Wafra Capital Partners — purchased the loan last February.
In 2023, nonprofit family activity center CompletePlayground signed a 15-year, 40,000-square-foot lease for an indoor playground at the building, replacing a New York Sports Club.
That same month, however, Tribeca entered into a forbearance agreement at the property, according to the foreclosure complaint. The landlord failed “to make any of the required payments,” leading to a default.
In addition to the challenging office landscape dotting Manhattan, a ground rent reset looms in 2035. The annual rent was $2.7 million in 2016, but will reset to 4.5 percent of the property’s market value in 2035; the lease with fee owner Solil Management runs until 2079.
In 2021, Tribeca transferred the ground lease of the Moxy Hotel in the Financial District to AllianceBernstein in a deal valued at $109 million.
— Holden Walter-Warner
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