It’s widely known as one of the most expensive and exclusive buildings in New York City, and it’s frequently given the number one spot on both of those lists. It’s been called home by a multitude of celebrities and business magnates, with current residential listings ranging from $13.5 to $26.5 million.
But 15 Central Park West‘s retail owners – Global Holdings, Fortress Investment Group, Zeckendor Development and Madison Capital – are currently facing a foreclosure on their 84,000 square foot space.
The investors paid $116 million for the space in 2012, according to The Real Deal, and it’s currently only valued at $79 million.
The retail space has an official address of 1880 Broadway, and was previously home to a massive Best Buy which closed in September.
“A new tenant would make the property finance-able again,” bankruptcy expert Adam Stein-Sapir told The Real Deal. Otherwise, they can “…hand back the keys or claim bankruptcy.”
The retail space is still home to tenants including West Elm, IT’SUGAR and JPMorgan Chase.
Here’s a brochure if you’re interested in leasing the old Best Buy space.
How much debt are the investors carrying?
That basement space was never good when it was Best Buy.
West Elm is also leaving