A century-old Oakland building with broadcasting roots has flopped into default, the latest commercial property in the city to go delinquent on debt.
The two-story office and retail property at 464 19th Street defaulted on a $2.4 million loan from an undisclosed lender, the Mercury News reported, citing documents filed Monday with the Alameda County Recorder’s Office.
The 11,800-square-foot building is owned by an affiliate managed by developer Warren Malnick, state business records show. It sits at the corner of 19th Street and Broadway in the Uptown district and has long mixed retail with office uses, with the ground floor often being leased out to retail tenants and the second floor being used for offices.
The building was constructed in 1923 for Harvey Lyon, owner of Lyon Moving & Storage, and designed by Edward Foulkes, the architect behind Oakland’s historic Tribune Tower. Coincidentally, the Tribune Tower half a mile south at 409 13th Street is also in default.
From 1936 through 1964, the building was home to Oakland radio station KROW and its successor KABL, earning the two-story structure the nickname of “Radio Central.” KROW alumni include Phyllis Diller, who was a copywriter for the station before focusing her career on stand-up comedy.
The delinquency is the latest in the city as spiraling values and shaky fundamentals have dragged a growing list of properties into distress. The defaults include apartment, hotel and office properties, with hotel defaults in particular piling up across the Bay Area.
In February, Highbridge Equity Partners defaulted on a loan tied to a downtown Oakland office building at 1540–1544 Broadway. The building is next to 1500 Broadway, one of three Highbridge-owned office towers that entered foreclosure last year, along with the Tribune Tower and the Financial Center Building. The month before, Deutsche Bank seized three office towers at 2101 Webster Street, 1901 Harrison Street and 2100 Franklin Street after those buildings also fell into default. — Chris Malone Méndez
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