The lender of 29 West 35th Street in Midtown took back the 85,000-square-foot office building in a credit bid after no third-party buyers emerged. The bondholders on the $41 million CMBS loan set the bidding at $23 million, a 60% discount on the total owed, including fees and interest. Despite this significant reduction, which valued the property at $270 per square foot, there were no takers. The lender incurred $477,000 in transfer taxes, raising questions about the strategy behind the auction. Paul Sohayegh and Roni Movahedian are tied to the property.
35th Street in Midtown
