The Real Deal New York

Chetrit nears default at 123 William Street

May 19, 2011 04:17PM

Although less than a month late and not yet classified as delinquent, the Chetrit Group’s $79.6 million loan on 123 William Street, between Fulton and John streets, is nearing default and has been transferred to special servicing, according to Crain’s. Global ratings agency Fitch Ratings said that more than 50 percent of the leases at the property are close to expiring.

A New York state agency occupying 90,000 square feet at the property, let its lease expire in 2008. In March, the Superintendent of Insurance, which rented 170,000 square feet of the building’s total 500,000, followed. Another lease, held by Health First is up in October.

As The Real Deal previously reported, Chetrit purchased the property, built in 1957, for $108 million in 2005. [Crain’s]

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