The Real Deal New York

Broadway Partners seeks bailout at 280 Park

March 10, 2011 10:16AM

Scott Lawlor’s Broadway Partners is seeking a capital infusion at 280 Park Avenue as the building’s interest reserves dwindle and has hired Edgerock Realty Advisors to help find investors, sources told Crain’s. Broadway acquired the 1.2 million-square-foot trophy property with Investcorp for around $1.2 billion in 2007. The building has around $440 million in outstanding securitized debt, and while the loan payments are current, reserves are only at around $36 million. Meanwhile, Deutsche Bank recently vacated around 340,000 square feet in the 41-story tower, and two other large tenants are expected to leave within three years. That would leave 53 percent of the property without tenants. Among the debt holders at 280 Park Avenue are SL Green Realty and Vornado Realty Trust, making them likely investor candidates. [Crain’s]


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