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Workouts: Non-Performing Loan Sales & REO - page 8 / 54

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Relevant Experience: Financial Institution Advisory

GE Capital, Fuji Bank, Nissho Iwai (Lending Group) 500 Fifth Avenue, New York, NY

This assignment was a co-exclusive with Goldman Sachs, in which Newmark Knight Frank represented the seller in the foreclosure sale of a non-performing loan held by three financial institutions. The purchaser of this 606,813-square-foot, prominent pre-war New York City landmark in a prime midtown location was an overseas family with a tax-free exchange. Newmark Knight Frank negotiated a deal achieving a top sales price per square foot for the pre-war building.

The California Public Employees’ Retirement System (“CalPERS”) 370 Lexington Avenue, New York, NY

Newmark Knight Frank was hired by CalPERS to sell the non-performing note and the first mortgage on 370 Lexington Avenue, a 220,000-square-foot, Class B office building. The purchaser was the Witkoff Group, with a bridge loan from Emigrant Savings Bank. Newmark Knight Frank focused on finding a buyer who would acquire the note before foreclosure proceeding was concluded.

Lennar/Morgan Stanley 4250 Veterans Memorial Highway, Holbrook, NY

For a 150,000-square-foot, distressed office building, Newmark Knight Frank executed a quick sale in the face of foreclosure action for a note purchaser that did not want to take the title.

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