Pearlmark’s Tower 56 Starts Forced Selling for Manhattan Offices
With the mortgage due on its Tower 56 building in the Plaza District, Pearlmark Real Estate is negotiating a deal to sell the property at a price that will just about cover its debt, sources told The Real Deal. The Blackstone Group holds the mortgage on the 1980s-era tower and has been working with Pearlmark to allow for an orderly sale.
It’s the first major case of what many expect will be a long line of forced sales in New York and around the country this year, as owners of outmoded office buildings face the hard truth of trying to refinance in the high interest rate environment.