Rumblings of a deal for EY Plaza but will it stick?

"EY Plaza might have found a buyer. Morningstar Credit thinks so, the receiver says there's no contract in place, and the brokerage is keeping its mouth shut. This follows earlier reports by The Real Deal that Colliers which replaced Eastdil Secured was shopping the $275 million, non-performing note on the office tower in receivership. The loan was anticipated to trade at a discount, and Morningstar Credit earlier this month offered servicer commentary that a deal was shaping up with a buyer likely identified."

"Receiver Gregg Williams said no buyer was under contract as of Friday, but did not answer when asked if one had been identified. The brokerage declined to comment and the special servicer did not respond to a request for comment. The identity of any potential buyer and pricing is a mystery and it is fair to wonder whether any deal would stick."

An alleged buyer may be emerging for EY Plaza's $275 million non-performing note, though no contract has been confirmed. Colliers replaced Eastdil Secured to market the loan, and Morningstar Credit indicated a buyer was likely identified while noting an anticipated discount. Receiver Gregg Williams reported no buyer under contract as of Friday and did not confirm identification. Brookfield handed the 41‑story, 900,000‑square‑foot tower to a receiver after default; a prior $130 million purchase failed and the asset's value dropped from $446 million in 2020 to about $135 million. Brookfield is also marketing FIGat7th.

Read at therealdeal.com