65 Broadway

Chetrit Group’s office building at 65 Broadway in the Financial District has been reappraised at $104.3 million, down from $215 million in 2019. This valuation is significantly lower than the $151 million loan attached to the property, which went into special servicing in March 2024. Occupancy rates have plummeted from nearly 100% in 2019 to 67% in September 2023, leading to revenue issues. Additionally, Chetrit faces distress with other properties, including the Devlin Building in Soho and 850 Third Avenue in Midtown East.