Supertall site owners refi expired mortgage

C&K Properties gets $45M loan from SL Green for 1710 Bway

Meir Cohen (inset) and 1710 Broadway
Meir Cohen (inset) and 1710 Broadway

Meir Cohen and Ben Korman’s C&K Properties is refinancing their large development site just south of Billionaires’ Row through a loan from SL Green Realty, and insists that a report last week that identified them as being in default was inaccurate.

C&K Properties, which is shopping the site at 1710 Broadway at 54th Street and expects to fetch about $300 million for it, refinanced the property through a $45 million loan from SL Green in late May after its $32.5 million mortgage matured on the first of the month.

“It wasn’t immediately conveyed to us what the lender’s conditions would be to extend the loan,” C&K managing director Kevin Collins told The Real Deal. “There’s a very narrow window with a securitized loan when you can repay without a penalty. The discussion we attempted to have with the servicer really didn’t get going until well into that window.”

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Collins said that once the securitized loan expired at the end of April it triggered a computer-generated report picked up by Trepp, a commercial real estate data firm, that identified the loan as being in default. Crain’s reported about C&K’s alleged default last week. But Collins told TRD that the property was on sound footing.

A Trepp analyst said the company’s system shows the loan is in a 180-day extension period that takes it through September.

C&K has owned the nearly 83,000-square-foot office building at 1710 Broadway since 2003, when they paid $23 million. Cohen and Korman are working to assemble some 115,000 square feet of air rights from neighboring parcels as they market the development site as the potential future home of a 1,000-foot-tall tower.