Broadway Partners’ 23-story office tower at 340 Madison Avenue is on the market, and despite the flagging commercial market, the sellers stand to make a profit on their 2006 investment. The 750,000-square-foot property, which was redeveloped by the Macklowe Organization in 2003, has higher cash flow now than it did in 2006, with tenants like law firm McDermot Will & Emery, the U.S. Comptroller of the Currency, PNC Bank and a Coach store, according to CB Richard Ellis’ Darcy Stacom, who is marketing the building with Bill Shanahan. Stacom told the Post’s Lois Weiss that she expects a 6 percent return for the buyer. Broadway purchased the building from Macklowe and Caisse de depot et placement du Quebec for $550 million, upwards of $780 per square foot. Broadway has a $400 million mortgage on the building with ING Real Estate Finance. [Post]

The lenders on Midtown’s Shangri-La Hotel have sued developer RFR Holding partners Aby Rosen and Michael Fuchs for at least $145.6 million. The lenders, ING Real Estate Finance and Swedbank AG, filed to foreclose on the hotel last month, but last week they amended the complaint to make Rosen and Fuchs personally liable for the loan and other fees. The developers were planning to build the Shangri-La Hotels and Resorts’ tower at 610 Lexington Avenue at 53rd Street. [more]

A Swedish bank that holds dozens of former Lehman Brothers Holdings
notes is foreclosing on nearly $38 million in loans secured by one of
those properties where developer Alexander Gurevich hoped to build a
75-unit condominium project near the United Nations, court papers show.
Swedbank AB sued Gurevich’s East 46th Borrower in New York
State Supreme Court June 26 to foreclose on the acquisition, building
and project loans totaling $37.8 million, the filings show. The suit
also names six construction-related firms that have filed a total of
$4.675 million in mechanic’s liens on the property. In
December, the loans on the planned 18-story condo at 313-317 East 46th
Street between First and Second avenues in Turtle Bay were transferred
from Lehman Brothers to Swedbank, an international lender based in
Sweden, with offices in New York, the filing says. Progress at the site
stalled last fall, and on October 31, the loan went into default, the
complaint says. [more]

The lenders for the Midtown development where Aby Rosen’s RFR Holding
was slated to build Shangri-La Hotel, New York, have filed to foreclose
on $144.2 million in loans and fees used to buy, plan and develop the
site, court records say. ING Real Estate Finance and Swedbank sued to foreclose on the loan to
Park Avenue Hotel Acquisition, a company registered at the address of
developer Aby Rosen’s RFR Holding, which was slated to develop the
Shangri-La Hotels and Resorts’ tower at 610 Lexington Avenue, at 53rd
Street. The borrower was unable to refinance its loan by an April 8 deadline,
and so ING determined the loan was in default on June 15, the filing
says. [more]