1407 Broadway

1407 Broadway

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.

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