The collapse of WeWork appears to be setting off a chain reaction of distressed loans in NYC buildings that have significant exposure to the coworking giant.
Trepp is reporting that a $399M loan backed by 1440 Broadway went to special servicing this month. According to Trepp, WeWork, the anchor tenant in the Times Square tower, is no longer on the building's tenant list.
Los Angeles-based CIM Group and QSuper, an Australian pension fund, owners of 1440 Broadway, have stopped making payment on the loan and are handing the keys back to the lender, according to a report in TheRealDeal.
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