NEW YORK CITY-In common with other real estate service firms amid the capital markets crisis, Centerline Holding Co., the parent company of Centerline Capital Group, has announced reductions in its workforce nationwide. A Centerline Capital source tells the staff cutbacks total about 100 employees, or 20% of the workforce, and are occurring mostly in New York City, the largest of its nine offices.

In a release, Centerline says it’s also shifting resources to enhance its special servicing and asset management functions. “You look hard at all of your departments and make the best use of your resources,” the source says. “These are the realities of the marketplace. But it can also result in a more efficient operation.” As part of the reallocation of resources, the company will move its New Jersey operations into the Manhattan office.

The news follows Centerline’s announcement last Friday that the company and its lenders had entered into an amendment to its revolving credit and term loan agreement. According to a release, Centerline has agreed to reduce its term loan debt to no more than $50 million by Nov. 21, which requires a payment of approximately $18.8 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.