The family-owned firm is hoping to fetch a high price for 80 Pine St., where leasing difficulties have persisted in spite of capital improvements.
Landlords unable to prove they are in good financial standing are beginning to see tenants leave for other buildings.
Office-to-residential conversions in the Central Business District are expected to reduce the submarket's vacancy and drive more traffic to downtown retailers.
The deal fell through because the buyer could not secure financing, the Manhattan tower's Israeli owner said in regulatory filings.
An almost century-old Manhattan office building has defaulted on its debt, per special servicer commentary.
Plans call for converting more than half of the floors at the landmarked art deco office tower in Midtown to luxury residential.
The owner sold the troubled office tower to its lender for less than the value of its October 2021 refinancing package.
Tech companies subleasing space amid shrinking headcounts spur sublease availability, while economic headwinds and remote work are crushing demand.
Adtech firm MediaMath has filed for bankruptcy, seeking an exit from its lease at 4 World Trade Center as part of the deal.
The financial services firm is relocating its NYC headquarters from Fisher Brothers' recently upgraded 1345 Sixth Ave. to Brookfield's new trophy property.
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