{"id":282979,"date":"2026-06-30T23:40:00","date_gmt":"2026-06-30T23:40:00","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/282979\/"},"modified":"2026-06-30T23:40:00","modified_gmt":"2026-06-30T23:40:00","slug":"metlife-forecloses-on-upper-east-side-grocery-retail-condominium-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/282979\/","title":{"rendered":"MetLife Forecloses on Upper East Side Grocery Retail Condominium \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/metlife\/\" title=\"MetLife\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">MetLife<\/a> has taken back the keys from one of its borrowers for a grocery retail property and parking garage on Manhattan\u2019s Upper East Side in a transaction valued at $44.1 million.<\/p>\n<p>The firm, which provides insurance, annuities and employee benefits, executed a deed in lieu of foreclosure action against Harrison, N.Y.-based real estate investment and development firm <a href=\"https:\/\/commercialobserver.com\/company\/gateside-corporation\/\" title=\"Gateside Corporation\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Gateside Corporation<\/a>, reclaiming the property at 188 East 64th Street, <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/a836-acris.nyc.gov\/DS\/DocumentSearch\/DocumentDetail?doc_id=2026062600861001\">according to a filing in property records late Monday<\/a>.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/06\/bridgecity-long-island-city-queens-apartments\/\" rel=\"nofollow noopener\" target=\"_blank\">BridgeCity Lends $72M on Long Island City Apartments Build<\/a><\/p>\n<p>Elizabeth Smoltz, a grocery-anchored real estate professional, signed on behalf of the borrower. A <a href=\"https:\/\/commercialobserver.com\/company\/cbre\/\" title=\"CBRE\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">CBRE<\/a> team led by Daniel Kaplan advised the borrower.<\/p>\n<p>MetLife had provided the landlord with $58.9 million in financing stretching back to 2017, mortgage documents indicate.<\/p>\n<p>MetLife did not immediately respond to a request for comment, while the Gateside Corporation could not be reached for comment. CBRE declined to comment.<\/p>\n<p>Gateside had owned the property since at least 1989.<\/p>\n<p>The retail property \u2014 once leased to supermarket chain Morton Williams \u2014 and its parking garage are attached to the Royale, a 42-story residential condominium property built in 1986. The development is on the southwest corner of Third Avenue and East 64th Street.<\/p>\n<p>In March, the board of managers for the Royale condos placed a lien on the retail condo for unpaid common charges surpassing $82,000, <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/a836-acris.nyc.gov\/DS\/DocumentSearch\/DocumentDetail?doc_id=2026030300711001\">according to property records<\/a>.<\/p>\n<p>Mark Hallum can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/06\/metlife-foreclosure-gateside-188-east-64th-street\/mailto:mhallum@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">mhallum@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"MetLife has taken back the keys from one of its borrowers for a grocery retail property and parking&hellip;\n","protected":false},"author":2,"featured_media":282980,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[108500,128,53491,108503,108501,1603,2664,9,24,63,108502,129,131,130],"class_list":["post-282979","post","type-post","status-publish","format-standard","has-post-thumbnail","category-the-bronx","tag-188-east-64th-street","tag-bronx","tag-daniel-kaplan","tag-distress","tag-elizabeth-smoltz","tag-finance","tag-investments-sales","tag-new-york","tag-new-york-city","tag-nyc","tag-royale-channel","tag-the-bronx","tag-the-bronx-headlines","tag-the-bronx-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/282979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=282979"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/282979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/282980"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=282979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=282979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=282979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}