Peter Hungerford has six weeks to save lots of a Rochester funding that shares his title.
An public sale for Rochester’s “Hungerford Constructing” — named for a distant relative of the Staten Island actual property investor — has been scheduled for Oct. 29. The lender filed a foreclosures case in September 2025 and has moved to take the constructing.
Hungerford says the sale received’t occur. He mentioned he’s engaged on securing a development mortgage to repay the debt on the constructing.
Hungerford first made headlines for his bullish take on rent-stabilized properties in New York Metropolis and his involvement with the Haruvi real estate family.
A Hungerford affiliate took out an $8.25 million mortgage on the constructing in 2022 from a lender related to Sheridan Capital. The plan was so as to add 200 residences to the four-story former industrial constructing.
Hungerford mentioned the scope of development ballooned as buyers found points with the constructing and its structural integrity. Mix that with much less favorable debt markets, and the constructing’s buyers struggled to supply a development mortgage.
“The development wants of the constructing elevated by about tenfold,” Hungerford mentioned. “However we’re very near having a development mortgage for the property.”
He mentioned they count on to announce a $45 million to $50 million development mortgage within the subsequent 30 to 60 days. A referee has set the borrower’s debt at greater than $10 million. The lender declined to remark.
The constructing has garnered headlines in Rochester. Artists who used the house for studios earlier than the sale to Hungerford have complained to the native press that the constructing has fallen into disrepair.
WXXI Information, a neighborhood Rochester NPR affiliate, reported in January 2025 that the constructing was dotted with homeless encampments, alongside “piles of rotting meals, toiletries and dirt,” in addition to “the stench of mould.”
“The native artists actually hate us as a result of they assume we ruined their constructing,” Hungerford mentioned. “They don’t admire their constructing was falling aside earlier than we confirmed up, and that was not our fault. It was like a hearth catastrophe ready to occur.”
In New York Metropolis, Hungerford estimates he has invested more than $500 million to accumulate 4,500 models in rent-stabilized buildings — an aggressive transfer when many fair-weather buyers are leaving the market as state coverage has made it troublesome to extend rents.
“We don’t do straightforward stuff. If it have been straightforward, all people would do it,” Hungerford mentioned. “The final chapter is way from written.”
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