320 W. 31st St. Development Site Faces Foreclosure
The property owner faces a lawsuit after defaulting on $65.9 million in debt for the planned 11-story project.
Updated on Oct. 15, 2026 in Commercial
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Quinlan Development Group has filed a lawsuit in New York County Supreme Court to foreclose on a leasehold interest at 320 W. 31st St. The legal action follows a reported default on a $54 million mortgage that matured in August 2025.
Why it matters
The foreclosure filing highlights a stalling development project in a prime location where an 11-story lab and office building was once planned. This move marks a significant shift for the site, which has moved from its former use as part of Touro College's campus toward an uncertain future.
The foreclosure action concerns a 156,000-square-foot development site carrying a total debt of $65.9 million. The site remains subject to an open Environmental Control Board violation following the default on a loan that matured in August 2025.
The players
Quinlan Development Group
A real estate developer and investor that recently acquired the loan for the 320 W. 31st St. property.
Maple 1 Farley Owner LLC
The current owner of the leasehold interest at the 320 W. 31st St. site.
Cannon Hill Capital Partners
A Chelsea-based investment firm serving as a recourse guarantor on the property mortgage.
Bank of China
The international financial institution that previously held the mortgage and issued the initial default notice.
The details
Quinlan Development Group acquired the loan and collateral agreements from Bank of China in September 2026 after the borrower, Maple 1 Farley Owner LLC, failed to meet maturity obligations. The lender is now seeking court permission to appoint a receiver to manage the property and move toward a foreclosure auction. If the sale proceeds fail to cover the full $65.9 million debt, Quinlan may pursue further action against Cannon Hill Capital Partners, a recourse guarantor on the mortgage.
Timeline
1998: Overtime Properties LLC purchased the site land.
February 2020: Columbia Property Trust acquired the ground lease.
June 2021: The project debt was assigned to Bank of China.
Aug. 18, 2025: The loan maturity date passed without repayment.
September 2025: Bank of China issued a formal notice of default.
The Home Front
This development reflects the broader instability currently facing large-scale commercial real estate projects in New York City. The foreclosure indicates a tightening of credit and development timelines for properties struggling to transition into modern lab or office spaces.
Residents living near 320 W. 31st St. should note the pending legal proceedings, as the site currently holds an open Environmental Control Board violation. The future of the property remains uncertain, meaning significant construction or site clearing is unlikely to move forward until the foreclosure is resolved.
The takeaway
This foreclosure serves as a reminder to watch for property updates if you live near large-scale commercial sites, as financial disputes can lead to stalled maintenance and safety violations. Keep an eye on public records if you are concerned about long-term construction projects in your neighborhood.
Further reading
You can find more coverage of local property developments in the New York City Commercial section.
Source note: This article includes information reported by Bisnow.
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