Shorenstein Properties is facing foreclosure on its premier NYC asset, a 1.1M SF office tower at 1407 Broadway in Manhattan's Garment District.
The San Francisco-based firm defaulted on a $350M loan backed by its ground lease on the 48-story tower in September. The lender extended the loan twice until November 9, but Shorenstein failed to make interest payments or pay off the debt when it came due, according to a filing in New York Supreme Court last week.
Mount Street, a London-based special servicer, filed the action, PincusCo, reported.
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