MetLife has taken control of a retail property housing a grocery store and an attached parking garage on Manhattan's Upper East Side. The transaction, valued at $44.1 million, occurred through a deed in lieu of foreclosure from Gateside Corporation, a Harrison, N.Y.-based real estate investment and development company. The deed was filed in property records late last Monday and pertains to the property at 188 East 64th Street.
MetLife, known for its insurance, annuities, and employee benefits services, had provided $58.9 million in financing to Gateside Corporation since 2017, according to mortgage documents. Elizabeth Smoltz, a professional specialising in retail properties with grocery anchors, signed on behalf of the borrower at the time. A CBRE team led by Daniel Kaplan advised the borrower on the matter.
Property Background
Gateside Corporation had owned the property since at least 1989. This retail space, originally leased to the supermarket chain Morton Williams, along with the associated parking garage, is structurally connected to The Royale, a 42-storey residential building constructed in 1986. The entire complex is situated on the south-west corner of Third Avenue and East 64th Street.
As early as March this year, The Royale Condominium Association had placed a lien on the retail condominium for unpaid common charges exceeding $82,000, according to property records. MetLife did not immediately respond to a request for comment, while Gateside Corporation could not be reached for comment. CBRE also declined to comment.
- —Address: 188 East 64th Street, Manhattan
- —Transaction Value: $44.1 million
- —Original Financing: $58.9 million from MetLife
- —Former Owner: Gateside Corporation
