Value has been added to the building thanks to Manhattan's booming leasing market and recent signings at the property itself.

Borrowers should scrutinize loan documents that treat technical operating defaults like intentional misconduct and potentially expose guarantors to the full debt.

The sector's near-term pipeline remains robust, but a steep decline in projected deliveries after 2026 could reshape investment and development strategies.

Retail visits eked out 0.3% growth in August, but dining traffic fell 2.4% amid higher prices and an unfavorable calendar comparison.