25 West 45th

APF Properties faces foreclosure on its 111-year-old office building at 25 West 45th Street in Midtown, Manhattan, after defaulting on a $70 million loan. This follows another foreclosure threat on the New York Gallery Building at 24 West 57th Street. APF, led by Kenneth Aschendorf and Berndt Perl, is struggling with vacancies and cash-flow issues, worsened by WeWork’s departure from four buildings. The firm’s portfolio of older, refurbished buildings can’t compete in the post-COVID market demanding modern amenities, leading to high vacancy rates and financial difficulties in refinancing debts.