A&E Real Estate, a major private landlord in New York City, is facing foreclosure proceedings at 1080 Amsterdam Avenue near Columbia University after allegedly defaulting on a $29 million loan. Apex Bank has filed a lawsuit in Manhattan Supreme Court, claiming that A&E missed three months of mortgage payments and violated other terms of the loan agreement. The bank is seeking to take control of the 20-story building, which contains 96 units, and sell it to recover the $28.3 million still owed along with interest and fees.
If the sale does not cover the full debt amount, A&E could be held responsible for any remaining shortfall. The company, led by co-founder and CEO Douglas Eisenberg, has not yet responded in court but issued a statement regarding the situation: “This is part of an ongoing negotiation and does not affect the operations of the building. We are working with our lender toward a resolution that best serves all parties,” A&E said. “A&E continues to maintain the highest standards for our residents at 1080 Amsterdam.”
The building on West 113th Street was originally staff housing for St. Luke’s Hospital and now features both market-rate and rent-stabilized apartments. Since changes to state rent laws in 2019 limited rent increases and removed deregulation options for stabilized units, landlords like A&E have faced challenges maintaining profitability as returns have been squeezed and property values affected across this sector.
A&E acquired the property in 2022 from SL Green Realty for $42.7 million using financing from Signature Bank—the same loan now at issue in Apex’s lawsuit. After Signature Bank collapsed in 2023, ownership of the loan transferred first to an FDIC-linked entity before ending up with Apex last summer. Available apartments at the building currently range from $4,500 to $8,400 per month.
This case adds to recent financial pressures facing A&E Real Estate, which owns about 20,000 apartments throughout New York City. Earlier this month another lender filed suit over an alleged $165 million default related to several Queens apartment buildings; that dispute was settled between A&E and its bank partner. The company is also contesting a possible foreclosure involving Harlem’s Riverton Square complex tied to a $506 million debt.
“This is part of an ongoing negotiation and does not affect the operations of the building. We are working with our lender toward a resolution that best serves all parties,” said A&E Real Estate in its statement. “A&E continues to maintain the highest standards for our residents at 1080 Amsterdam.”
