SL Inexperienced’s 1515 Broadway in Occasions Sq. final yr lost out in the race for casino projects, and the property has extra losses in sight.
Credit score company S&P World downgraded SL Inexperienced’s property in a report this week, Crain’s reported. The owner mentioned it has issues that the 57-story, 1.7 million-square-foot tower may lose its absolutely occupied standing as its lone tenant, Paramount World, is trying to downsize after it was bought to Skydance Media final yr.
The $675 million mortgage backing the constructing is slated to mature in two years, however S&P is already flashing warning lights about SL Inexperienced’s capability to refinance. It additionally estimated the constructing’s worth at $500 million, lower than half of its pre-pandemic worth.
Marc Holliday’s agency is expressing confidence within the property nonetheless.
Plans for the constructing have been upended within the fall when an advisory committee shot down SL Inexperienced’s bid for a casino on the property. After the proposal for a on line casino with Caesars Leisure, Roc Nation and Stay Nation was rejected in September, Holliday lashed out on the committee members whereas the proposal wasn’t “fully useless.”
It’s already been a busy year for one in all Manhattan’s largest workplace landlords.
The agency started executing a plan to promote roughly $2.5 billion of property whereas pursuing about $1 billion in acquisitions and improvement alternatives, pairing opportunistic shopping for with a gradual recycling of capital.
Longtime funding chief Harrison Sitomer was promoted to president, charged with executing the corporate’s asset gross sales plan whereas steering new acquisitions and developments.
And the agency began the yr with one of many strongest leasing runs in its historical past, signing greater than 900,000 sq. toes of offers throughout its portfolio within the first quarter alone.
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