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SME Capital Forced to Hand Over Hudson Yards Condo Building to Residents
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Commercial Observer
Private investment firm SME Capital Ventures is handing ownership of 441 West 37th Street to the condominium board after an investigation by the New York Attorney General’s office.
SME acquired the building out of foreclosure in 2023.
It then failed to pay bills related to the Hudson Yards property and neglected safety violations, leading to a settlement to pay $700,000, according to Attorney General Letitia James.
Some of the units were rented out while awaiting buyers, including 35 formerly homeless people who were ousted around the time SME took control of the building, according to The Real Deal.
“When this company took control of a Manhattan condo building, it took on real legal responsibilities to the homeowners who lived there.