SL Green Buys Defaulted Debt on Two Herald Square

SL Green Realty Corp has bought the defaulted $250 million loan on Two Herald Square, according to TreppWire.

The properties CMBS loan had matured in April. The loan had already received one extension to its term. Owners Sitt Asset Management were reportedly attempting to refinance the loan. In early May, the property was listed as being on the market by Real Estate Alert.

The 354,000-square-foot property at 1328 Broadway is reportedly valued at $500 million.

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