Namdar and Empire Capital in Talks to Hand Back the Keys at 345 Seventh Avenue
Shopping mall mogul Igal Namdar’s bravado about his plans to turn around distressed Manhattan offices might not be fully warranted.
Namdar Realty Group and Empire Capital Holdings are in talks to hand back 345 Seventh Avenue to collateral manager Benefit Street Partners, three years after the firms purchased the century-old office building, Commercial Observer has learned.
SEE ALSO: Multifamily Distress Jumps 100 Basis Points in JulyThe property is “in the process of being returned to the lender,” a lawyer for the building’s owners wrote in a June 17 email to the 32BJ Service Employees International Union, which represents five cleaners at the building. “A specific date has not yet been set.”