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SL Green buys $250M debt on Sitt Asset’s
2 Herald Square Sitt brothers recent爱上海同城

爱上海
ly put the leasehold up for sale

From left: Eddie Sitt, Marc Holliday and 2 Herald Square (Credit: Cushman Wakefield)

UPDATED, May 15, 6:05 p.m.: SL Green Realty bought $250M in CMBS debt on Sitt Asset Management’s 2 Herald Square.

The loan went into special servicing in March and matured in April. Attorney Stephen Meister, who represents Ralph and David Sitt, told the Commercial Observer that “Ralph enjoys an excellent relationship with SL Green and looks forward to resolving the matter.”

Wells Fargo originated the 10-year loan, which is now serviced by CWCapital. The
Real Deal recently reported that the loan’阿爱上海同城

阿拉爱上海同城
s term was extended by six months to allow the Sitts time to refinance.

The Sitt brothers bought the leasehold on the 11-stor上海千花网交友

上海千花网论坛
y, 354,000-square-foot property for $270 million in 2007. Eddie and Jack Sitt later fell out with Raph and David, and the two sides have been fighting for control of the property since. The four brothers and their mother jointly own a 51.75 percent interest in the leasehold.

The building is losing around $1.7 million per month, but recently landed co-working company WeWork as a tenant. In late April Sitt Asset Management put the leasehold up for sale.  [CO] Konrad Putzier

Note: this post has been updated after CO s original article was changed.

Tag爱上海同城对对碰

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s: 2 herald square, Commercial Real Estate, Real Estate Finance, sitt asset management, sl green
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