Developer and supermarket owner Jeffrey Wu has handed over a 100,000-square-foot office and retail building in Queens, N.Y., in an attempt to settle his bankruptcy case. The transaction, brokered by Newmark’s Adam Spies and Daniel O’Brien, was closed with an asking price of $796 per square foot.
Madison Realty Capital’s Urian Yap acquired the property at 41-60 Main St. on February 7 for $80 million. The Flushing property, which houses tenants like Capital One Bank, was among several under mezzanine loans. Wu’s bankruptcy filing also lists a 99-unit Victoria Tower condo complex, Hong Kong Market at 80 Elizabeth St. in Chinatown, and an industrial building on Long Island located at 377 Carlls Path in Deer Park, N.Y.
Court documents reveal the properties associated with Wu held a combined loan of $15.3 million when he filed for bankruptcy three years ago. While Madison Realty Capital previously financed Wu with a $66 million loan, his remaining debt to them remains unclear.
Although the developer filed for bankruptcy in 2020, it appears that whatever caused Wu’s loan repayment issues predated the pandemic as the Queens office space had been previously put up for sale. For instance, in 2014, the three-story building was listed twice at $88 million and $92 million.
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