Soho Retail Deal Plummets 80%

Soho’s once-prized retail gem at 599 Broadway, valued at $150 million in 2018, has plummeted to just $32 million — an 80% drop — as bondholders sue to foreclose on a $75 million loan after payments stopped in January. Anchor tenant American Eagle vacated last year, leaving the prime space empty and straining cash flow. Jeff Sutton’s proposing a deal modification under review by a special servicer, while the office wing — formerly WeWork — surprisingly sold for more than its loan balance. Despite a tough market, Soho remains a coveted retail zone with high rents, and the future of this property hangs in the balance. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/8e2bdb0ec9894d77