Fortress Investment Group has paid $230 million for the defaulted mortgage against the 275-unit residential condominium project at 125 Greenwich St. in Manhattan, reported The Wall Street Journal.
The New York investment manager bought the loan from BH3 Capital.
The asset is currently under construction.
The developers — Howard Lorber’s New Valley, Davide Bizzi’s Bizzi & Partners, the Carlton Group and China Cindat — defaulted on the loan as the market for high-end apartments in New York began to weaken. BH3 acquired the loan for $125 million in July, reported The Real Deal.
