Shorenstein Properties’ 1407 Broadway in the Garment District has seen its appraised value plummet from $510 million in 2019 to $136.1 million in 2024, reflecting a decline to $334 per square foot. The office tower faces significant financial strain, with a $350 million CMBS loan in default and foreclosure proceedings initiated by the special servicer. Shorenstein’s overall debt at risk nears $1 billion amid rising vacancy rates, reaching 16 percent by 2022.
1407 Broadway
