The most anticipated ultra-luxe new dev in Manhattan since… (220? 111? 15?) is in the market for its financing. Naftali Group has tapped Newmark to land a construction 👛 of $1.3B, per CMA - this is on a project with just fifty-two units (loan basis: $25M/unit). It’s an astonishing new high-water mark for the condo market, but this is no ordinary site, occupying what many see as the sweetest corner (61st/Fifth) in the city. The projected sellout is $2.9B - as we reported in April ‘25, the blended pricing being teased in the lender data room was $11,000 psf 🤯 . Expect several units priced in the $100M+ range, and a betting man might wager that KG’s current $238M record at 220 could finally be topped here.

Naftali landed $675M in debt from JPMorgan & private-credit player Goldentree (Steven Tanenbaum) to close on the $810M ($2,300/ 🦶 ) purchase last summer, buying the rental property on the site from the Spitzer & Winter families. It was a deal that the firm had been pursuing for years, hoping to win it off-market, as Naftali CIO David Hochfelder told me in May. “We had an equity partner committed before it even went to market,” Hochfelder said. “There's people that say we overpaid. I couldn't disagree more thoroughly.” (His commentary on the depth of the highest-end buyer pool is worth reading in full 🔒 , and also check us out on Bloomberg Odd Lots making a case for a “parallel universe” of ultra-luxury.)

Insiders: See your section at the end for a construction financing comp set 🔒 👇

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Seeing a lot of these pop up: Facing an imminent UCC foreclosure on the Mandarin Oriental condo in Boca (always freakin’ Boca), developer Penn-Florida is suing its lender Madison Realty Capital in New York Supreme Court, alleging that Madison, which provided a $300M refi for the project in ‘23, “created the defaults it is now using as a basis to foreclose” via the mezz. Previous news reports flagged Apollo affiliates as the mezz, so there’s more to unpack here.

With much of the juiciest action happening in the nethers of the capstack 🔒 , stands to reason that the spiciest legal drama would be playing out there, too. This one (h/t CMA again) is particularly good: Greystone’s special servicing unit is accusing one of its fmr. employees of stealing trade secrets and using them to poach business and talent 🐰 for its rival, CWCapital. The federal suit alleges that the saga began when Greystone began shopping its servicing unit in ‘24, at which time, David King, one of its managing directors, hit up CWCapital, Argentic and Torchlight as potential suitors. An affiliate of Andrew Farkas’ Island Capital was also in the mix. CWCapital began talks, but insisted that Greystone remove a non-solicit clause from any deal; Greystone refused and no NDA was given to CWCapital, per the suit.

Eight days later, King asked Greystone CEO Steve Rosenberg to free him from his nonsolicit, saying that if Island were to be the buyer, “in all likelihood, there won’t be a job for me in that new organization.” Rosenberg didn’t grant the request, but said he was open to discussing it. Greystone alleges that King made that request in cahoots w/ CWCapital.

Talks w/ Island affiliate C-IV had advanced by November. Meanwhile, King gave his notice and left the firm. According to the suit, here’s what he took w/ him:

B/c of these moves Greystone lost a substantial chunk of its biz from 2 🐳 clients, 400 Capital and Prime Finance, to CWCapital, the suit alleges. The judge granted an emergency motion ordering King et. al to stop soliciting clients/employees from Greystone. Greystone says the actions have imperiled the sale of the servicing unit to C-IV, w/ C-IV seeking a 40% haircut on the agreed price reflecting the weakened unit. CWCapital denies the allegations.

See also: Greystone’s 🧠 drain