NEW YORK CITY-Broadway Partners, the landlord of 280 Park Ave., has hired Edgerock Realty Advisors to help the company find new capital for the building, where vacancy rates are growing and cash reserves are flowing low. According to Trepp, the property has an outstanding securitized debt amounting to $440 million in two different deals.
The fund purchased 280 Park Ave. along with Investcorp for about $1.2 billion in 2007. Another bad thing is that the vacancy rate in the 1.2-million-square-foot property is swelling.For the full story, go to Crain's New York Business.
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