**Return to Lender: Week of August 21, 2025**
**Kushner Family Property Sold Post-Foreclosure**
A prominent Times Square property formerly owned by the Kushner family has been sold following a foreclosure. According to the New York Business Journal, Forum at Times Square LLC acquired the 245,000-square-foot retail portion of 229 W. 43rd St. and 216–226 W. 44th St. in Midtown Manhattan for $28 million. The transaction includes the building’s first four floors and two lower levels. The sale was triggered after Wilmington Trust foreclosed on the property, leading to its auction in 2024.
**Houston Office Tower Changes Hands**
An unnamed private investor has purchased the 22-story, 222,192-square-foot office tower at 801 Travis in downtown Houston. As reported by the Houston Business Journal, JLL represented the court-appointed receiver in the sale, while Morris Chen of Jaco Property brokered the deal for the buyer. Although the purchase price was not disclosed, the tower’s appraised tax value stands at $33.9 million.
**Aviation Mall Heads to Foreclosure Auction**
The Aviation Mall in Queensbury, NY, is set to hit the auction block next month, nearly 16 months after being placed into receivership. The Albany Business Review reports the 630,000-square-foot shopping center will be auctioned publicly on September 10. Owner Pyramid Management Group defaulted on a $25.4 million loan with Deutsche Bank Trust Company Americas in May 2024, prompting the foreclosure proceedings.
**Foreclosure Trial for 1700 Market St. Scheduled**
The Philadelphia Business Journal reports that legal proceedings for the foreclosure of 1700 Market Street, an 850,723-square-foot office property in Center City West, are scheduled for trial in March. The building’s owner, Shorenstein, headquartered in San Francisco, reportedly owes more than $186.7 million on a commercial mortgage-backed securities (CMBS) loan. The building has faced ongoing financial difficulties in recent years.
**90 Hudson Moves to Special Servicing**
The Jersey City office property at 90 Hudson has been transferred to special servicing after its anchor tenant, Lord Abbett, vacated at the end of its lease term in 2024. Despite maintaining near full occupancy and a 2.27x debt service coverage ratio during the year, the loss of Lord Abbett — which occupied 61% of the 432,000-square-foot building — raised significant concerns. The loan is part of the BMARK 2018-B1, BMARK 2018-B2, and BMARK 2018-B3 CMBS portfolios, according to Morningstar Credit.
**Concord Plaza Loan in Special Servicing**
Concord Plaza, a 359,000-square-foot office complex in Wilmington, DE, has moved into special servicing. The loan, originally set to mature in September 2023, received a modification extending its deadline to September 2025. Morningstar Credit reports that the property’s financial performance has deteriorated since the extension. The debt totals $35.4 million and is included in CMBS deals BMARK 2018-B6 and BMARK 2018-B7 (CMBX.12).
**Oakland Apartment Development in Default**
Mason at Hive, a 105-unit apartment building in Uptown Oakland, is in default, according to the San Francisco Business Times. Developer Signature Development cited ongoing challenges related to “a slow and anemic recovery from the effects of the pandemic” as the primary cause. The property was built in 2015 as part of The Hive, a larger mixed-use project. The original $39.7 million loan, originated in 2016 and modified in 2020, remains nearly $1 million in arrears.
