Igal Namdar and Empire Capital’s office property at 345 7th Avenue is facing foreclosure initiated by Benefit Street Partners. The joint venture, which acquired the property in 2021 for $107 million with a $78 million mortgage, is now struggling with the asset’s performance. The property, part of a broader investment strategy by Namdar and Empire Capital, is only 59% occupied and is set for an auction on September 12. The group’s bet on Manhattan office space, despite declining market conditions, is now challenged by rising vacancies and leasing difficulties. Namdar is negotiating with the lender and considering bankruptcy to halt the foreclosure.
345 7th Avenue
