The last call for Cipriani’s two locations seems to be in sight, but the Italian restaurant is poised to continue serving carpaccio.
Outpost avoided foreclosure by securing a $52.1 million commercial mortgage loan. Commercial Observer reportedSenior Debt is backed by Cipriani’s location at 110 East 42nd Street and 55 Wall Street.
Cipriani defaulted on that loan According to Trepp data reported by observers, it made its final payment in May 2020 and moved the loan into special servicing before the foreclosure process began in December 2021.
Hospitality companies benefited from New York City’s moratorium on commercial foreclosures and evictions. Cipriani told The Wall Street Journal that the lender was “kind and constructive.”
Cipriani is currently working to bring the loan up to date by making a “significant capital injection” and paying off past fees and expenses, according to Trep’s September special services data reported by The Observer. is.
The loan consists of a $52.1 million senior loan with 6.61% of the collateral and a $28 million mezzanine loan on properties initiated by WP Carey. Midland Loan Services is a special servicer for this transaction.
Cipriani Wall Street accounts for the majority (nearly two-thirds) of the allocated loan balance. Italian nightlife guru and patriarch Giuseppe Cipriani was the borrower of record when the loan was launched.
Cipriani is a staple of Italian cuisine. 110 East 42nd Street features soaring marble columns, soaring ceilings, inlaid floors and chandeliers, while 55 Wall Street has a balcony overlooking Wall Street.
Cipriani is Casa Cipriani, a members-only private club located in the Battery Maritime Building. Brokers have used private clubs as a way to network, chat and eat with clients.
In May, Casa Ciprinani $100 million Lower Manhattan real estate refinancing.
— Sasha Jones