Cranes and an unfinished tower loom over Tribeca as new financing, stalled projects and luxury sales reshape the neighborhood.
, September 11, 2025
A developer secured a $320 million construction loan to build a roughly 280,000-square-foot condominium across multiple adjacent lots in Tribeca, clearing a major funding hurdle and enabling permitting and vertical work to proceed. Nearby, the 43-story tower at 45 Park Place remains stalled and visibly unfinished amid litigation and defaulted loans. A high-end penthouse in a stacked-cube tower sold for $35.5 million in cash, while a long-running foreclosure fight over a Tribeca loft continues to shape state legal reforms. The stories highlight financing momentum, stalled assets, top-tier resales and ongoing mortgage litigation in Downtown Manhattan.
What matters most: A developer secured a $320 million construction loan to build a large condominium project in Tribeca across multiple adjacent lots. At the same time, a high-rise at 45 Park Place remains visibly unfinished years after topping out. A high-end penthouse near the top of the Jenga building sold for $35.5 million in cash. And a long-running foreclosure fight over a Tribeca loft remains unresolved as legal and policy battles continue to shape how older mortgage claims are handled.
A developer obtained $320 million in construction financing from a private lender to develop a roughly 280,000-square-foot condominium that will span an assemblage of adjacent Downtown sites. The loan covers work across several lots in the Tribeca area, including addresses along Franklin Street, Fulton Street and Broadway.
The land was previously held by another developer that had earlier plans for a smaller mixed-use project on one of the parcels. That earlier owner bought the property years ago and later sold the undeveloped site this year in a deal valued at about $57.6 million. The new backer plans a much larger building than the initial plans for the site, signaling a step up in density and project scale for the block.
The new financing clears a major funding hurdle that often stalls large projects in Manhattan. With construction money in place, developers can move forward with late-stage planning, contractor hiring and actual vertical construction. How quickly the project advances will depend on permitting, construction schedules and market demand for high-end units in the neighborhood.
The 43-story tower at 45 Park Place in Tribeca, designed as a luxury residential building, remains frozen in the state it reached when work stopped in late 2019. The concrete shell and a crane are still in place, glass curtain walls have not been added since construction paused, and the bulkhead bears fresh graffiti from an artist who scaled the structure.
The project had included plans for a small number of luxury condominiums and an attached cultural center. Financial trouble surfaced publicly several years ago with missed payments and litigation, and a large construction loan eventually entered default. Multiple contractors and lenders have pursued claims, and foreclosure and bankruptcy actions have been part of the legal landscape around the site. For now, the building’s future remains uncertain.
A four-bedroom penthouse high in a well-known stacked-cube building in Tribeca changed hands in a cash sale for $35.5 million. The unit spans about 5,900 square feet, features floor-to-ceiling windows, two balconies and four and a half bathrooms. The buyer used a shell company for the purchase.
The seller had bought the same unit several years earlier and had previously sued the building’s sponsors and brokers over alleged construction defects. The lawsuit included several defect claims that were winnowed down in court over time and were still in mediation as the sale closed. The transaction ranks among the largest single-unit apartment sales in the city for the year outside of newly launched developments.
A homeowner and photographer in Tribeca has been at the center of a years-long legal fight with lenders over a mortgage tied to her loft. The case dates to a loan taken before the financial crisis, and the homeowner has fought multiple foreclosure attempts by banks and servicers on procedural and technical grounds. The long fight helped drive legislative changes in the state to limit how lenders can restart time limits on older mortgage claims.
The homeowner says she made only one mortgage payment since 2008 and has used litigation and bankruptcy filings to delay or block foreclosure auctions. Her legal bills have been substantial, and she has sold art prints and tapped other resources to pay costs. The broader fallout from her case and similar ones pushed state lawmakers to pass a law aimed at preventing repeated resets of the foreclosure clock; that law has met criticism from federal regulators and has prompted more litigation over how it applies to securitized loans.
These stories together show several ongoing trends in Downtown Manhattan real estate: big-money construction finance can revive stalled sites and enable newer, bigger projects; unfinished towers with tangled debts can sit idle for years while lenders, contractors and developers fight in court; luxury resale activity remains active at the top of the market; and court rulings plus new laws are changing how older mortgage disputes proceed.
Key things to watch in the coming months include whether vertical work begins on the newly financed Tribeca site, any court activity or asset sales tied to the stalled tower at 45 Park Place, further legal progress on the penthouse defect claims, and the outcome of additional appeals or enforcement steps tied to the long foreclosure saga.
The new project is planned as a large condominium development of about 280,000 square feet across several adjacent lots in Tribeca. The financing supports construction but exact unit counts and final design details will follow as plans are finalized.
A private capital lender provided the $320 million construction financing. The loan clears an important funding step needed to move a large Manhattan development forward.
Construction stopped after the building topped out. The site became entangled in financial disputes, unpaid bills and lender foreclosure actions, leaving the tower unfinished and inactive since late 2019.
The penthouse sold for $35.5 million in a cash transaction. The buyer used a shell company for the deed.
The homeowner has fought multiple foreclosure attempts over many years and has used litigation and bankruptcy filings to delay auctions. State law changes have limited some lender actions, but litigation continues and outcomes remain unsettled.
| Topic | Key facts | Location | Status | Value / Size |
|---|---|---|---|---|
| New Tribeca condo project | Construction loan secured; will span several adjacent lots | Tribeca (Franklin St., Fulton St., Broadway) | Financing in place; development planning and permitting expected next | $320M loan; ~280,000 sq ft |
| 45 Park Place | 43-story luxury tower; halted after topping out | Tribeca (between Church St. and West Broadway) | Idle since 2019; legal and financial claims unresolved | 667 feet tall; originally 50 units planned |
| Jenga penthouse | Four-bedroom unit near top of stacked-cube tower | Leonard Street, Tribeca | Sold in cash transaction | $35.5M; ~5,900 sq ft |
| Long foreclosure fight | Decade-spanning legal battle over a Tribeca loft mortgage | Tribeca loft | Ongoing appeals and legal maneuvers; shaped state law | Mortgage history dates to 2007–2008; legal costs substantial |
Bolzano, South Tyrol, Italy, September 11, 2025 News Summary South Tyrol's provincial government has approved updated…
United States, September 11, 2025 News Summary Used construction equipment is steadily disappearing from dealer lots…
Hawthorne, NJ, September 11, 2025 News Summary Ascendia Bank has appointed two senior executives to strengthen…
Louisiana, September 11, 2025 News Summary Lone Wolf Roofing, a roofing company in Louisiana, is prepared…
Victoria, September 11, 2025 News Summary The City of Victoria has issued 16 building permits this…
Olinville, The Bronx, September 11, 2025 News Summary Permits have been filed for the construction of…