Building was mired in Sitt familial dispute
SL Green has acquired the leasehold at 2 Herald Square for around $270 million, according to TRD. The Midtown office and retail building spans approximately 369,000 square feet. It’s located at the intersection of Sixth Avenue, Broadway and 34th Street.
Layers of complexity… The REIT bought the debt on the building last year and was in the process of foreclosing the property. At the time of the deal, the former owners – Sitt Asset Management – no longer had any equity in the property.
Tenants include: Victoria’s Secret, Mercy College and WeWork.
Brothers disband together: Litigation between the brothers was only settled five months ago. With the building mired in familial dysfunction since 2014, lenders stayed far away. This led to mismanagement and unnecessary vacancies. Sad story.