Broadway Trade Center Still On Auction Block After $325M Sale To Quintin Primo Falls Through
A planned sale of the beleaguered Broadway Trade Center to an investor group led by Capri Capital's Quintin Primo has fallen through.
Court documents filed in the bankruptcy proceedings surrounding the building show that co-owner Joel Schreiber entered into an agreement in late October to sell the 1M SF Downtown building to Primo's Capri Investor LLC for $325M. But several deadlines to provide a $9.5M deposit passed without any funds being deposited.
"There is no viable sale with respect to this specific purchaser," attorneys for Starwood Capital-controlled Museum Building Holdings LLC wrote in a Nov. 10 letter to the bankruptcy judge overseeing the case.
Without the sale, the risk of foreclosure on the property is very real, The Real Deal reported.
Schreiber's New York-based Waterbridge Capital and Continental Equities, made up of members of the Jangana family, bought the 112-year-old building in 2014, paying $122.3M, public records show. In 2018, the owners got a $213M loan from a subsidiary of Starwood Property Trust.
In May, Starwood moved to foreclose on the building, claiming that Schreiber and co-owners Continental Equities Group had stopped paying their mortgage. Schreiber filed for bankruptcy to stop the foreclosure, but that triggered another legal battle, this time with Continental Equities, which said that they never agreed to filing for bankruptcy.
