Hungerford's 6-Week Deadline

Peter Hungerford has six weeks to stop an auction on the troubled Hungerford Building in Rochester, which is scheduled for October 29. The building's investors have struggled to source a construction loan due to increased construction needs and less favorable debt markets.

The construction needs of the Hungerford Building increased by about tenfold, making it challenging for investors to secure a loan. A Hungerford affiliate took out an $8.25 million loan on the building in 2022 from a lender associated with Sheridan Capital. However, the scope of construction ballooned as investors discovered issues with the building and its structural integrity.

A referee has set the borrower's debt at more than $10 million. Peter Hungerford expects to announce a $45 million to $50 million construction loan in the next 30 to 60 days, which would help pay off the debt on the building. The plan was to add 200 apartments to the four-story former industrial Hungerford Building.

## Why it matters The Hungerford Building has garnered headlines in Rochester, with artists who used the space for studios before the sale to Hungerford complaining to the local press that the building has fallen into disrepair. The building was also reported to have homeless encampments and piles of rotting food and toiletries. Peter Hungerford has invested more than $500 million to acquire 4,500 units in rent-stabilized buildings in New York City, and the outcome of this situation may impact his reputation and future investments.

The lender filed a foreclosure case in September 2025 and has moved to take the Hungerford Building. However, Peter Hungerford is confident that the sale won't happen, and he is working on securing a construction loan to pay off the debt on the building. With only six weeks to go before the auction, Hungerford's ability to secure the loan will be crucial in determining the fate of the Hungerford Building.