The iconic Art Deco skyscraper at 30 Broad Street, also known as the Continental Bank Building, is facing potential foreclosure after its ground leaseholder, Tribeca Investment Group, allegedly defaulted on loan payments. InterVest Capital, the current loan holder, has initiated legal proceedings, claiming Tribeca failed to make payments for the entire year of 2023. This development casts a shadow over the historic Financial District property, located adjacent to the New York Stock Exchange.
Court documents reveal that the financial troubles stem from loans originally secured from M&T Bank and Citizens Bank. In 2019, Ingerman and Brodsky, the previous ground lease owners, refinanced the property for $124.5 million, with $89.3 million from M&T Bank and $35.2 million from Citizens Bank. M&T Bank subsequently sold its loan to InterVest in February 2024. According to InterVest’s complaint, Tribeca Investment Group, which acquired the ground lease in 2016, has not made any loan payments throughout 2023, even after a forbearance agreement expired at the end of December.
InterVest is now seeking immediate full repayment of the principal sum and accrued interest, asserting that “additional events of default have occurred” under the forbearance agreement. The lawsuit highlights the precarious financial situation surrounding 30 Broad Street, a landmark building that has stood in the heart of New York City’s financial center since 1929.
The 50-story skyscraper, known for its distinctive brick and limestone Art Deco design, is a fixture of the downtown skyline. Solil Management holds the fee interest in 30 Broad Street, adding another layer to the property’s ownership structure. Furthermore, the ground lease is expected to reset in 2035, which could significantly increase rental costs for future tenants. When Tribeca Investment Group acquired the ground lease in 2016, the annual rent was reported to be $2.7 million, according to PincusCo. The current foreclosure proceedings raise questions about the future of this historic building and its place in the evolving landscape of the Financial District.
