, September 11, 2025
News Summary
A developer secured a $320 million construction loan to build a roughly 280,000-square-foot condominium across multiple adjacent lots in Tribeca, clearing a major funding hurdle and enabling permitting and vertical work to proceed. Nearby, the 43-story tower at 45 Park Place remains stalled and visibly unfinished amid litigation and defaulted loans. A high-end penthouse in a stacked-cube tower sold for $35.5 million in cash, while a long-running foreclosure fight over a Tribeca loft continues to shape state legal reforms. The stories highlight financing momentum, stalled assets, top-tier resales and ongoing mortgage litigation in Downtown Manhattan.
Downtown Manhattan real estate roundup: major loan for new Tribeca condo, stalled tower still frozen, a big penthouse sale, and a long foreclosure fight
Top lines: A developer secured a large construction loan to build a new, much bigger condominium in Tribeca, while a separate high‑profile tower in the neighborhood remains unfinished after years of financial trouble. Nearby, a high‑end penthouse changed hands in a cash deal, and a long legal battle over a Tribeca loft shows how foreclosure fights can drag on and shape policy.
Largest new financing — what’s happening
Sky Developers obtained a $320 million construction loan to build a roughly 280,000‑square‑foot condominium on an assemblage of lots in Tribeca. The lender on the loan was G4 Capital Partners, and the financing deal was put together by an adviser, Henry Bodek of Galaxy Capital. The sites covered by the financing include addresses on Franklin Street, Fulton Street and Broadway, and the new developer purchased undeveloped land at one of the addresses earlier this year for about $57.6 million. The land had been owned previously by HAP Investments, which had planned a much smaller project for the block.
This new money signals a renewed push to build larger, denser product on a set of neighboring lots. Sources close to the deal say the planned building will be significantly bigger than earlier proposals that called for a mid‑rise condo. The construction financing is intended to cover development across the assembled parcels.
Long‑stalled 45 Park Place remains frozen
Another Tribeca tower that once commanded attention is still stalled. The planned 43‑story residential tower at 45 Park Place topped out in fall 2019 but construction stopped soon after. The 667‑foot tower and an inactive crane remain on site, and no new pieces of the glass curtain wall have been installed since work halted. The project originally targeted 50 condos but had sold only 11 units by spring 2019, and sales were later pulled.
Financial troubles began to surface publicly in 2019, and lenders started foreclosure actions in 2020 after defaulting on a loan. Contractors and subcontractors have filed suits seeking unpaid work and have tried to force bankruptcy proceedings. Lenders have pressed for repayments tied to at least $117 million of defaults, while the developer once projected a total sellout value of about $408 million. The endgame for the tower remains unclear.
High‑end condo sale near the Jenga building
A four‑bedroom penthouse near the top of a well‑known Tribeca tower sold for $35.5 million in a cash transaction. The unit spans about 5,900 square feet, has four and a half bathrooms, floor‑to‑ceiling windows and two balconies. The buyer used a limited‑liability company to hold the deed. The seller had purchased the apartment several years earlier and had been engaged in a long legal dispute about defects in the unit. The sale stands out as one of the larger single‑unit resales in the borough in recent years, excluding newly built projects.
Long foreclosure fight highlights legal and policy issues
A separate Tribeca case shows how individual foreclosure fights can stretch over many years and intersect with broader policy. A homeowner who converted a loft into a distinctive residence took out a mortgage in 2007 and later modified the loan, but the mortgage ultimately moved into a securitization. Multiple foreclosure attempts followed, with legal defenses based on procedural issues and concerns about loan documentation.
Over the years the case drew attention from state and federal actors. Lawmakers passed a law to limit how lenders can restart the statute of limitations on older mortgages; the measure cleared both legislative chambers and was signed by the governor. Industry groups warned that rigid limits could harm the wider mortgage market or create conflicts with federal programs, and lenders have continued to challenge parts of the law in court. The homeowner’s legal fights included bankruptcy filings to delay auctions and years of appeals and motions, and legal fees mounted into the hundreds of thousands of dollars.
What this means for Downtown Manhattan
The new construction financing shows there is still appetite for large condo projects when lenders and buyers align, but the stalled tower and long legal battles remind the market that complex projects bring big financial and legal risks. Developers pushing big builds on assembled lots can unlock new density, but those moves can also run into construction delays, contractor disputes, lender claims and shifting market demand. Buyers of luxury units may face defect claims or long legal wrangles if quality or management falls short.
For local residents and observers, the contrasting stories show how quickly fortunes can shift in the same neighborhood: large loans and big sales sit alongside frozen cranes, unpaid bills, and regulatory and legal fights that can drag on for years.
FAQ
What is the big new loan in Tribeca for?
What is the big new loan in Tribeca for?
A developer secured $320 million to build a roughly 280,000‑square‑foot condominium across several assembled lots in Tribeca. The money is for construction and related development costs on that site.
Why is 45 Park Place unfinished?
Why is 45 Park Place unfinished?
Construction stopped after the tower topped out amid financial strain. Lenders, contractors and subcontractors have pursued claims and foreclosure actions after loan defaults and unpaid bills, leaving the project in limbo.
Who bought the penthouse and what are its key features?
Who bought the penthouse and what are its key features?
A buyer using a limited‑liability company paid $35.5 million in cash for a four‑bedroom, 5,900‑square‑foot penthouse with four and a half baths, large windows and two balconies. The sale followed earlier legal disputes about defects in the unit.
How do long foreclosure fights affect homeowners and policy?
How do long foreclosure fights affect homeowners and policy?
Extended fights can saddle homeowners with large legal bills and delay clear outcomes. High‑profile cases led lawmakers to change rules on when lenders can restart foreclosure timing, which in turn prompted legal challenges and policy debate about the balance between borrower protections and market stability.
Key features at a glance
| Item | Detail |
|---|---|
| New construction loan | $320 million for a ~280,000 sq ft condo project in Tribeca |
| Sites covered | Multiple adjacent lots on Franklin Street, Fulton Street and Broadway |
| Stalled project | 45 Park Place — 43 stories, 667 feet, topped out in 2019 and since inactive |
| Notable resale | Penthouse sold for $35.5 million; ~5,900 sq ft, four bedrooms |
| Policy impact | Long foreclosure case helped spur a state law limiting lenders’ ability to restart the foreclosure clock |
Deeper Dive: News & Info About This Topic
Additional Resources
- Commercial Observer: G4 Capital Partners $320M construction loan for Tribeca condo
- Wikipedia: Tribeca
- New York YIMBY: 45 Park Place remains incomplete in Tribeca
- Google Search: 45 Park Place Tribeca stalled construction
- Crain’s New York: Daniel Gold buys Tribeca penthouse for $35.5M
- Google Scholar: Jenga building penthouse construction defects
- American Banker: A bruising foreclosure fight in New York
- Encyclopedia Britannica: Foreclosure
- Commercial Observer: Urban Capital/Prosper property loan converts Tribeca building
- Google News: Tribeca construction loan $320M
Author: Construction TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
