Vanbarton takes control of Prodigy Network’s William Street hotel

first_imgMessage* For investors who have been largely left in the dark about what’s going on at Prodigy, the deal is another blow in their quest to get their money back. Of the thousands who invested some $690 million in Prodigy’s developments in New York and Chicago, many have joined forces in the past year to file at least 13 lawsuits against the company.In late February, Prodigy sent a letter to investors in AKA Wall Street asking them to contribute $40 million to keep the building afloat, warning them that they could lose their investments in full. The letter included a report from Eastdil showing that Prodigy has received at least five offers for the property, though it’s unclear what became of those talks.The pandemic hit New York a short time later, compounding Prodigy’s long-standing issues. The hotel at 84 William Street closed its doors permanently in August.Larry Davis of Shorewood Real Estate Group, Prodigy’s New York development partner, did not respond to a request for comment. Vanbarton also did not respond.Representatives for Prodigy could not be reached.Mary Diduch contributed reporting.Contact Sylvia Varnham O’Regan 84 William Street with Vanbarton Group’s Gary Tischler and Richard Coles (Google Maps)Vanbarton Group has taken control of a Manhattan hotel building backed by investors in the near-defunct crowdfunding platform Prodigy Network.The mezzanine lender held a UCC foreclosure auction for interests in the entity that owns the 84 William Street hotel in November, according to marketing materials reviewed by The Real Deal. Vanbarton won the auction through a credit bid, meaning it bid using the debt it was owed, a source familiar with the matter said. The lender has now taken over the developer’s position.Records filed with the city Tuesday confirmed the transfer of the Financial District property, setting the value of the deal at $73.5 million. Eastdil Secured marketed the auction.AKA Wall Street is the third Prodigy property to be taken over by lenders this year, after two downtown co-working buildings were acquired by Arbor Realty Trust several months ago.The crowdfunding firm, which was founded by former real estate broker Rodrigo Niño in 2013, has been struggling for more than a year with a rising tide of legal and financial issues. Niño died in May at the age of 50, and his widow, Juanita Galvis, said in a recent court filing that the company has no employees left other than one bookkeeper.Read morePanic at ProdigyCrowdfunding firm to investors: Cough up $40M or lose it allProdigy Network’s AKA Wall Street Hotel Closes Permanently Email Address* TagsDistressFinancial DistrictHotel MarketProdigy NetworkVanbarton Groupcenter_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Full Name*last_img read more

Mikel Arteta singles out Gabriel Martinelli for praise after Arsenal draw with Sheffield United

first_imgAdvertisement John Fleck scored Sheffield United’s equaliser in their 1-1 draw at Arsenal (Picture: Getty)Arsenal’s hopes of only a second league win under their new head coach were dashed when John Fleck struck a deflected equaliser eight minutes from time.‘I’m very disappointed today,’ Arteta added. ‘I think the performance deserved three points and I think we lost two points.‘In the Premier League, if you don’t put the game to bed then in the last 10 or 15 minutes this type of team just need a long ball, a second ball, a set-piece, and you can give the points away. That’s it.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘There’s a history of [nerves in the stadium]. It makes it even more. In the Premier League we are 1-0 up and in the last 10 or 15 minutes you have to be careful, because anything can happen.‘I don’t know what was done before. I think they tried to do the best possible thing. I inherited a team that was in a difficult situation and we’re trying to improve it as much as possible.‘I don’t know. In the second half, Sheffield United didn’t generate any efforts on goal – it’s just one long ball, a second ball and then someone put it top bins from an incredible angle. It’s difficult to control it.’MORE: Mikel Arteta sends subtle message to Arsenal board over Layvin Kurzawa transferMORE: Thomas Tuchel reacts to Arsenal’s transfer move for PSG defender Layvin Kurzawa Mikel Arteta singles out Gabriel Martinelli for praise after Arsenal draw with Sheffield United Gabriel Martinelli scored Arsenal’s goal in a 1-1 draw against Sheffield United (Picture: Getty)Mikel Arteta singled out Gabriel Martinelli for praise after the Arsenal youngster scored his first Premier League goal at the Emirates in Saturday’s 1-1 draw against Sheffield United.In the absence of suspended skipper Pierre-Emerick Aubameyang, who was serving the first game of his three match ban, the Brazilian teenager scored his ninth goal of an increasingly impressive debut season in England.‘He’s an 18-year-old kid with all the enthusiasm but as well, he’s so brave to make decisions, to threaten the opponent every time,’ said Arteta afterwards.‘He’s all the time in the middle of the goal, waiting for an opportunity to come.AdvertisementAdvertisementADVERTISEMENT‘The fact he hasn’t played 90 minutes for a while – since his injury – but is still in the way he went about every single action is impressive.’ Metro Sport ReporterSaturday 18 Jan 2020 7:15 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link Advertisement Commentlast_img read more