65 Broadway

The Chetrit Group faces another financial setback as a $151 million loan tied to its 65 Broadway property enters special servicing ahead of its April maturity. Despite remaining current on payments, the century-old office tower’s occupancy has steadily declined since 2019, dropping to 67 percent in September 2022. Rising expenses exacerbate financial strain, following a similar fate as Chetrit’s Soho properties. This marks the second Chetrit loan to enter special servicing in recent months, highlighting ongoing challenges for the real estate firm. Last year, Chetrit surrendered 850 Third Avenue after missing a mortgage maturity, further impacting its portfolio.