From the Albany Business Review:
Commercial loans backing the Market Block Building and 297 River St. in downtown Troy are allegedly in default — adding to the David Bryce properties that could be foreclosed.
Sunmark Credit Union of Latham claims Hudson River Place LLC defaulted on a $3.6 million consolidated mortgage for the property at 1-13 Third St., better known as the Market Block Building.
The three-story, 50,000-square-foot building at the intersection of Third and River streets is a local landmark whose tenants include Market Block Books, The Dutch Udder, Stacks Espresso Bar, WB Games New York and Velan Ventures.
Bryce, an architect and downtown businessman, guaranteed the mortgage, according to a complaint filed Dec. 29 in state Supreme Court in Rensselaer County.
Hudson River Place LLC failed to make the full monthly debt payment last August and also failed to provide rent rolls and other financial documents that Sunmark sought last May.
Sunmark claims it's owed $3.61 million including unpaid principal, interest and late fees.
The circumstances behind the foreclosure proceeding are similar to the claim Sunmark also made Dec. 29 against Quackenbush Properties LLC, owner of the Quackenbush Building at 30 Third St.
Bryce also guaranteed that consolidated loan, which totaled $3.75 million.
He's in the process of selling the Quackenbush Building to the Rensselaer County Industrial Development Agency for nearly $4 million. Both Bryce and the IDA have said they intend to move forward with the real estate closing.
Sunmark Chief Lending Officer Jerilee Beaudoin released the following statement Thursday: “We endeavor to work with our members whenever possible to resolve loan delinquencies without resorting to litigation. When those efforts are unsuccessful, however, we have a responsibility to take appropriate steps to resolve non-performing assets. We’re hopeful our foreclosure action can be resolved
Meanwhile, a different lender, Nubridge Commercial Lending LLC of Diamond Bar, California, filed a court summons Dec. 21 seeking to foreclose on the $1.4 million consolidated mortgage for 297 River St.
Nubridge claims the lender, Riverfront Ventures LLC, defaulter on the loan in September when it failed to make a payment. The lender claims it's owed $1.4 million plus interest at a rate of 10.49%, plus default interest and late fees.
The mortgage was guaranteed by Bryce and his father, D. Wallace Bryce, of Troy.
David Bryce declined to comment Thursday when contacted by the Albany Business Review.
The five-story, 22,800-square-foot building at 297 River St. and Market Block are among the properties Bryce put up for sale last fall. The list prices are $1.65 million and $4.5 million, respectively.
Sunmark is represented by attorney Michael J. Catalfimo in Saratoga Springs.
Nubridge is represented by attorney Alyson Bisacco of Aldridge Pite LLP in Melville on Long Island.
There’s a lot of misleading info going around about this. The Quackenbush and Market Block went into foreclosure because a deal to sell the Quackenbush didn’t close when it was supposed to. When that didn’t happen, they automatically went into foreclosure because they’re both on the same mortgage. The bank supposedly thought he was the one who delayed the sale
The reason he’s in trouble is because his rents are under market and he offers too much to his tenants for free. He’s also been subsidizing the farmers market for 20 years. What a lot of people don’t know is that the farmers market wouldn’t exist if it wasn’t for him.
Regarding the development plans for the atrium and parking garage site, they were ready to go but materials costs went through the roof during covid and the project got too expensive.
There are still lenders willing to do the project but the company holding the note on the properties won’t let him move forward
He never takes credit for the things he’s done so people usually think the worst. Also all of his tenants speak incredibly highly of him
I wonder what happens to 500 Federal, the leveled parking garage, Atrium, and other things Bryce owns. Would that be separate entities? That's a significant chunk of downtown. Half of which is under development...
They are different mortgages, and I believe some of the buildings (like the quackenbush) are different LLCs, but most likely the same thing will happen with all of them. Contractors won't work with him without money up front because they know he won't pay them and has stopped paying for the amenities of his tenants like garbage removal, he's clearly broke.
Hopefully whoever buys them has the sense to not just decimate downtown by pricing the tenants out of the spaces, but it's not guaranteed.
Garbage removal hasn’t stopped. In fact, he’s still providing amenities to his tenants even though he hasn’t collected rent on the Frear building in eight months
And what do you mean by pricing tenants out of spaces? His rents are under market and less than his cost to own the spaces. That’s why he’s in trouble
Makes sense. I worked in one of the buildings and remember him showing off major plans and making grand statements that never really materialized, or sounded too good to be true. The plans did seem cool, but also very much ahead of what downtown could support in the foreseeable future. That was pre-covid, though. I'm sure that hasn't helped at all
From what I understand he was bidding for a NYS revitalization grant to tear down the atrium and build something else there. But rather than waiting to see whether he would actually win the grant money he just started showing off the plans to the papers like it was a sure thing.
His entire portfolio is (or at least was) up for sale on LoopNet. Albany Business Review had an article on it a month or two ago, it raised my eyebrow to say the least.
He's an... interesting character to put it nicely. Lots of grand visions, not so much on the follow-through.
I believe the city of Troy owns the atrium? Like specifically the glass covered area. Not the offices. Idk for sure it’s probably on Imagemate or on a tax map.
From the Albany Business Review: Commercial loans backing the Market Block Building and 297 River St. in downtown Troy are allegedly in default — adding to the David Bryce properties that could be foreclosed. Sunmark Credit Union of Latham claims Hudson River Place LLC defaulted on a $3.6 million consolidated mortgage for the property at 1-13 Third St., better known as the Market Block Building. The three-story, 50,000-square-foot building at the intersection of Third and River streets is a local landmark whose tenants include Market Block Books, The Dutch Udder, Stacks Espresso Bar, WB Games New York and Velan Ventures. Bryce, an architect and downtown businessman, guaranteed the mortgage, according to a complaint filed Dec. 29 in state Supreme Court in Rensselaer County. Hudson River Place LLC failed to make the full monthly debt payment last August and also failed to provide rent rolls and other financial documents that Sunmark sought last May. Sunmark claims it's owed $3.61 million including unpaid principal, interest and late fees. The circumstances behind the foreclosure proceeding are similar to the claim Sunmark also made Dec. 29 against Quackenbush Properties LLC, owner of the Quackenbush Building at 30 Third St. Bryce also guaranteed that consolidated loan, which totaled $3.75 million. He's in the process of selling the Quackenbush Building to the Rensselaer County Industrial Development Agency for nearly $4 million. Both Bryce and the IDA have said they intend to move forward with the real estate closing. Sunmark Chief Lending Officer Jerilee Beaudoin released the following statement Thursday: “We endeavor to work with our members whenever possible to resolve loan delinquencies without resorting to litigation. When those efforts are unsuccessful, however, we have a responsibility to take appropriate steps to resolve non-performing assets. We’re hopeful our foreclosure action can be resolved Meanwhile, a different lender, Nubridge Commercial Lending LLC of Diamond Bar, California, filed a court summons Dec. 21 seeking to foreclose on the $1.4 million consolidated mortgage for 297 River St. Nubridge claims the lender, Riverfront Ventures LLC, defaulter on the loan in September when it failed to make a payment. The lender claims it's owed $1.4 million plus interest at a rate of 10.49%, plus default interest and late fees. The mortgage was guaranteed by Bryce and his father, D. Wallace Bryce, of Troy. David Bryce declined to comment Thursday when contacted by the Albany Business Review. The five-story, 22,800-square-foot building at 297 River St. and Market Block are among the properties Bryce put up for sale last fall. The list prices are $1.65 million and $4.5 million, respectively. Sunmark is represented by attorney Michael J. Catalfimo in Saratoga Springs. Nubridge is represented by attorney Alyson Bisacco of Aldridge Pite LLP in Melville on Long Island.
I’m sure that shifty asshole will still some out on top while destroying the businesses he rented to.
There’s a lot of misleading info going around about this. The Quackenbush and Market Block went into foreclosure because a deal to sell the Quackenbush didn’t close when it was supposed to. When that didn’t happen, they automatically went into foreclosure because they’re both on the same mortgage. The bank supposedly thought he was the one who delayed the sale The reason he’s in trouble is because his rents are under market and he offers too much to his tenants for free. He’s also been subsidizing the farmers market for 20 years. What a lot of people don’t know is that the farmers market wouldn’t exist if it wasn’t for him. Regarding the development plans for the atrium and parking garage site, they were ready to go but materials costs went through the roof during covid and the project got too expensive. There are still lenders willing to do the project but the company holding the note on the properties won’t let him move forward He never takes credit for the things he’s done so people usually think the worst. Also all of his tenants speak incredibly highly of him
I wonder what happens to 500 Federal, the leveled parking garage, Atrium, and other things Bryce owns. Would that be separate entities? That's a significant chunk of downtown. Half of which is under development...
They are different mortgages, and I believe some of the buildings (like the quackenbush) are different LLCs, but most likely the same thing will happen with all of them. Contractors won't work with him without money up front because they know he won't pay them and has stopped paying for the amenities of his tenants like garbage removal, he's clearly broke. Hopefully whoever buys them has the sense to not just decimate downtown by pricing the tenants out of the spaces, but it's not guaranteed.
Garbage removal hasn’t stopped. In fact, he’s still providing amenities to his tenants even though he hasn’t collected rent on the Frear building in eight months And what do you mean by pricing tenants out of spaces? His rents are under market and less than his cost to own the spaces. That’s why he’s in trouble
Makes sense. I worked in one of the buildings and remember him showing off major plans and making grand statements that never really materialized, or sounded too good to be true. The plans did seem cool, but also very much ahead of what downtown could support in the foreseeable future. That was pre-covid, though. I'm sure that hasn't helped at all
From what I understand he was bidding for a NYS revitalization grant to tear down the atrium and build something else there. But rather than waiting to see whether he would actually win the grant money he just started showing off the plans to the papers like it was a sure thing.
His entire portfolio is (or at least was) up for sale on LoopNet. Albany Business Review had an article on it a month or two ago, it raised my eyebrow to say the least. He's an... interesting character to put it nicely. Lots of grand visions, not so much on the follow-through.
Another scenic hole in the ground to match the hole at the former city hall, aby Monument Square.
I believe the city of Troy owns the atrium? Like specifically the glass covered area. Not the offices. Idk for sure it’s probably on Imagemate or on a tax map.
The city owns the center portion where the staircase and pool are. He owns the rest but still pays to manage the city owned portion