1551 Broadway LLC

Jeff Sutton’s entity, 1551 Broadway Owner LLC, secures a two-year extension on its $180 million CMBS loan for the Times Square retail property at 1551 Broadway, housing American Eagle’s flagship store. Citigroup originated the loan in 2011, maturing in 2021, leading to forbearance and special servicing due to refinancing challenges. Sutton, who bought the property with SL Green in 2005, saw improved net operating income nearing $22 million, with the loan performing but still in special servicing. Negotiated by a Newmark team, the extension aims to address outstanding financial issues.