One of the country’s most skilled real estate investing companies seems to have met its match in struggling Midtown.
Blackstone, which controls $280 billion in real estate assets, was forced in March to surrender the keys to its 1740 Broadway office tower after defaulting on a $308 million mortgage issued by an affiliate of Deutsche Bank.
Two office tenants that occupy most of the 26-story building at West 56th Street, including the former parent company of Victoria’s Secret, plan to head elsewhere. And those spaces—a total of about 500,000 square feet—have not been re-leased, even after Blackstone invested heavily in updating amenities at the 1950s building, including adding
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