Related, BGO to Surrender Empty Long Island City Office Campus

Lender io sell mortgage for The Point in deed-in-lieu-of-foreclosure deal.

Related Fund Management and BentallGreenOak (BGO) are surrendering a Long Island City office complex they purchased in 2016 and renovated, after defaulting on a CMBS loan on the property.

The partners have agreed to a deed-in-lieu-of-foreclosure arrangement with BrightSpire Capital, a REIT holding a non-performing loan for The Point LIC, a two-building campus including the Paragon Building at 2100 49^th Ave. and the Blanchard Building at 2109 Borden Ave.

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