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L&L, Mitsubishi Default on $93M Loan for Metropolitan Offices

Malaise of distressed NYC office assets hits tower on Billionaire's Row.

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As a wave of more than $16B in CMBS loans backed by New York City office buildings comes due in 2023, office assets with plunging valuations that can’t be refinanced because the lending window has shut are beginning to topple into default like dominoes.

The latest asset to tumble is the 18-story office portion of the 68-story Metropolitan Tower, which is located in a Zip Code with the densest population of billionaires in Manhattan: 142 West 57^th Street, in what’s known as the Plaza district of Midtown.

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Jack Rogers

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