The unfortunate case of 111 Wall Street might be even more unfortunate than it sounds. Two months since we wrote that the vacant, 1.2 million square-foot tower at the corner of South Stre…
Two months since we wrote that the vacant, 1.2 million square-foot tower at the corner of South Street, the building owned by Nightingale Properties and Intervest Capital Partners now faces a foreclosure action by mezzanine lender Oaktree Capital Management, as first reported by Real Estate Alert.
An auction is scheduled for Sept. 19 to be run by JLL, which is the tower’s leasing agent. JLL declined to comment. As we wrote on June 8, the owners plunked nearly a half-billion dollars into buying the 1960s property and handsomely redesigning it top-to-bottom with new, modern infrastructure, only to encounterOwners Nightingale Properties and Intervest Capital Partners sunk nearly a half-billion dollars into buying the 1960s property and redesigning it top-to-bottom with new, modern infrastructure.
The added cost to finish the job might well reduce the amount that a buyer’s willing to pay for the tower, which stands at the less-convenient eastern end of Wall Street.
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