Cranes and an unfinished tower loom over Tribeca as new financing, stalled projects and luxury sales reshape the neighborhood.
, September 11, 2025
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.
The biggest item in Downtown Manhattan this week is a large construction loan that clears the way for a new Tribeca condominium project. At the same time a separate high‑profile tower in the same neighborhood remains stalled and unfinished years after topping out. Nearby, a top‑floor apartment sold for a multimegabit cash price, and a protracted foreclosure and legal battle over a converted Tribeca loft continues to move through courts and bankruptcy filings.
Developers secured $320 million in construction financing to build a new condominium totaling about 280,000 square feet across several adjacent lots in the Tribeca area. The financing was provided by a private capital group, and a financing arranger completed the transaction for the developer. The deal covers development at properties listed under four nearby addresses on Franklin Street, Fulton Street and Broadway.
The site had been owned previously by another local real estate company that once planned a smaller, mixed‑use condominium and purchased the lot in 2018 for less than the new sale price. After delays and a change in plans, that owner sold an undeveloped parcel this year to the new developer for roughly $57.6 million. Public records show the earlier purchase price was about $46 million.
Project plans under the new owner are larger than the prior proposal. Early reports indicate the new building will be significantly taller and offer more total square footage than the older plan, which had proposed a mid‑rise building with about forty units on a smaller footprint.
A separate residential tower in Tribeca that was built up to its full height and then stopped remains frozen in place. The building rose to its maximum level in 2019 but work halted soon after. Recent street‑level photos show the tower and its crane still standing, with no new glass panels added since construction stopped.
The project was planned as a luxury residential tower of roughly 43 stories and about 667 feet tall, with a program that initially called for around fifty condo units and an attached cultural center at street level. Financial trouble began to surface publicly in 2019 when unpaid vendor claims appeared, and since then lenders, contractors and subcontractors have filed suits and foreclosure actions tied to more than one hundred million dollars in defaulted debt.
Subcontractors and the general contractor have pursued legal claims seeking payment for work performed, and lenders have moved toward foreclosure on loan debts. The project’s future remains uncertain as legal and financial disputes continue to play out.
A penthouse at a distinctive Tribeca condominium building known for its stepped profile sold in a cash deal for $35.5 million. The four‑bedroom unit spans about 5,900 square feet, has four and a half bathrooms, high ceilings with floor‑to‑ceiling windows and two private balconies. The buyer used a limited liability company to record the deed, a common practice for high‑value residential purchases that helps preserve buyer privacy.
The seller had purchased the unit several years earlier and had been involved in a long legal dispute over alleged defects in the building. Those defect claims moved through court proceedings and mediation for years. Court filings indicate the seller treated the unit as an investment rather than as a primary residence.
A photographer who converted a Tribeca loft into a distinctive home has fought foreclosure efforts for more than a decade. The mortgage originated in 2007, went through modification, and later became part of a securitized trust. The owner has mounted multiple legal defenses and delayed sales through procedural challenges, bankruptcy filings and appeals.
The case helped spur legislative action addressing the ability of lenders to restart the statute of limitations on older loans. Lawmakers approved a change to state law designed to limit lenders’ ability to revive older foreclosure claims in some circumstances. The measure drew support from community and advocacy groups and prompted debate from mortgage industry groups that warned of potential market impacts.
In recent years the homeowner filed for Chapter 11 bankruptcy to delay a scheduled auction and later emerged from bankruptcy in mid‑2024. Legal fights have continued, with judges faulting some lender procedures while also ruling for lenders on certain legal points. The owner has raised funds for legal bills by selling photographs and continues to oppose foreclosure.
The construction loan signals renewed appetite for new luxury housing in Tribeca and nearby Downtown neighborhoods. At the same time, the stalled tower and ongoing litigation show how financial trouble and legal entanglements can halt projects even after major progress. High‑end resale activity persists, as shown by the cash penthouse sale, and individual foreclosure fights can take years and result in new laws and court rulings that affect future cases.
A: A private capital group provided the $320 million construction loan to the developer. A financing arranger handled the transaction on the developer’s behalf.
A: The financing covers development across multiple adjacent lots in Tribeca, listed under addresses on Franklin Street, Fulton Street and Broadway.
A: Construction halted after the building topped out in 2019. Multiple unpaid bills, contractor claims and lender foreclosure actions have left the tower and its crane inactive. Legal and financial disputes remain unresolved.
A: A penthouse of about 5,900 square feet sold for $35.5 million in cash. The buyer recorded the purchase using a limited liability company.
A: The homeowner has used procedural defenses, appeals and a bankruptcy filing to delay foreclosure. The case influenced state legislation limiting lenders’ ability to restart the statute of limitations on old loans. Litigation and legal maneuvering continue.
| Feature | Details |
|---|---|
| Construction loan | $320 million for a new 280,000 sq ft Tribeca condo across adjacent lots |
| Stalled tower | 45 Park Place: topped out in 2019, no recent progress, lenders and contractors in legal disputes |
| Penthouse sale | Top‑floor unit of about 5,900 sq ft sold for $35.5 million in cash |
| Foreclosure fight | Long legal battle over a converted loft led to bankruptcy filings and helped spur state foreclosure law changes |
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