Stephen Haymes’ Haymes Investment transferred the $260M CMBS loan on 5 Penn Plaza, near Penn Station, to special servicing, seeking a loan modification. Originally issued by Citigroup in 2016, the loan matures in January 2026. Occupancy of the 679,000-sq-ft office building fell from 97% in 2016 to 76% in March but recently increased to nearly 85% after 30,000 sq ft in leases were signed. The landlord upgraded the property, adding amenities like a golf simulator and rooftop terrace.
Stephen Haymes’ Haymes
