{"id":1004018336,"date":"2010-03-12T11:27:57","date_gmt":"2010-03-12T19:27:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004018336"},"modified":"2022-12-08T06:56:07","modified_gmt":"2022-12-08T14:56:07","slug":"fitch-says-silverstein-in-imminent-default-on-325m-loan-balance","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fitch-says-silverstein-in-imminent-default-on-325m-loan-balance\/","title":{"rendered":"Fitch Says Silverstein in \u201cImminent Default\u201d on $325M Loan Balance"},"content":{"rendered":"<p>March 12, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004018337\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/goodrob13.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004018337\" data-attachment-id=\"1004018337\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/fitch-says-silverstein-in-imminent-default-on-325m-loan-balance\/goodrob13\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/goodrob13.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"goodrob13\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user goodrob13&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/goodrob13.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/goodrob13.jpg\" alt=\"\" title=\"goodrob13\" width=\"150\" height=\"150\" class=\"size-thumbnail wp-image-1004018337\" \/><\/a><p id=\"caption-attachment-1004018337\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user goodrob13<\/p><\/div>\n<p>A $325 million loan balance on developer Larry Silverstein\u2019s property, 575 Lexington Avenue in Manhattan, was transferred to special servicing earlier this week, which Fitch Ratings says is due to imminent default.<\/p>\n<p>Also known as the SkyGrid Building, 575 Lexington rises 35 stories and comprises 611,686 square feet of Class A office space. It was built in 1958. A brochure from Silverstein Properties reads: \u201cSleek and modern, the building provides a first-class environment for office tenants large and small. \u2026 As a quintessential top-tier New York City office building, 575 Lexington is perfectly suited to meet the needs of many types of companies in the competitive midtown marketplace.\u201d<\/p>\n<p>The building has a parking garage, health club, and retail space and is close to Rockefeller Center and the Museum of Modern Art. Major tenants include Cornell University, Development Corp. for Israel, and Palestrini Post Production, as well as Cameraland, New York Sports Club, and Staples.<\/p>\n<p>Silverstein and real estate partner Calstrs bought the building for $400 million.<\/p>\n<p>Fitch did not return a request for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A $325 million loan balance on developer Larry Silverstein\u2019s property, 575 Lexington Avenue in Manhattan, was transferred to special servicing earlier this week, which Fitch Ratings says is due to imminent default.<\/p>\n","protected":false},"author":936,"featured_media":1004018337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,10,21747],"tags":[],"class_list":["post-1004018336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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