Flagstar Financial, formerly New York Community Bank, is selling $343 million in troubled loans tied to NYC properties, including an $80M loan for Stellar Management’s 220 Fifth Avenue, a $77M loan for Olnick Organization’s 130 Fifth Avenue, and a $66M loan for RXR’s Standard Motors Building. The portfolio, marketed by Newmark, highlights “challenging capital stacks” amid high-interest rates. Flagstar has faced mounting financial issues, including a sharp rise in default-risk loans and internal control concerns. The bank rebranded after acquiring Michigan-based Flagstar Bank in 2022 and replaced CEO Thomas Cangemi earlier this year.
Flagstar Financial
