One loan CMBS investors may want to watch is the $33.2 million 1710 Broadway note that backs 2.1% of COMM 2005-C6. The property is a 68,285 square-foot office in Manhattan’s Midtown West area. The building was constructed in 1918 and renovated in 2003.
The concern is that the lease for lead tenant Christian Casey is slated to end in April of this year. According to recent servicer watchlist notes, “tenant has been vague regarding plans upon lease expiration.” Christian Casey is the corporate entity that licenses Sean John apparel and is owned, ultimately, by Sean Combs (better known as P. Diddy). The firm occupies almost 90% of the space.
The loan matures in May 2015 and is current as of February.
Compliments TREPP< LLC, a EACCNY Member.