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Kushner in grace period at Times Square retail property

229 West 43rd Street (Credit: Google Maps)

Kushner Companies is no longer delinquent on loan payments tied to its struggling Times Square retail property, according to The Real Deal. The firm is now in a grace period on a $285 million CMBS loan secured by the 248,457-square-foot retail condo at 229 West 43rd Street. The loan had been over 90 days delinquent.

  • Dig Deeper from Fitch Ratings: The loan was brought out of delinquency in October when lender-held reserves were used to make outstanding interest payments from April through September; however, the debt does remain in special servicing
  • Worth Noting: A recent appraisal slashed the four-story retail property’s value by 80 percent, from $470 million in 2017 to $92.5 million. The appraisal came after Gulliver’s Gate and National Geographic vacated the retail component of the old New York Times building. That dropped occupancy down to 52 percent from 95 percent last year, according to Trepp. [TRD]

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