A growing group of lenders are looking to unload hundreds of millions of dollars of souring hotel loans. Teams hired to sell the portfolios say it's just the beginning of a surge in activity.
SL Green has raised over $1 billion in cash since the pandemic began to strengthen its financial position and also buy back stock, which was trading at around $48 a share on Friday, almost half of where it was earlier in the year before the pandemic began. Taking over an asset such as 590 Fifth Avenue is likely to be costly. For one, the company will have to assume payments on the building's $83 million senior mortgage. It may also need to invest millions of dollars to improve the building to lure retail and office tenants.
SL Green, meanwhile, is facing other sizable capital outlays from its expansive book of real-estate loans. The company's chief executive, Marc Holliday, revealed on its recent earnings call to discuss the company's second-quarter results that it is planning to take control of the Lipstick Building, a 34-story office building on Third Avenue, that it has held a mortgage against.
"We will intend to lease and manage and operate that building going forward," Holliday said on the earnings call, stating that the company was "coming up with an appropriate redevelopment plan for that building," which faces a large vacancy with the pending departure of its biggest office tenant, the law firm Latham & Watkins.
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Do you know how much empty commercial real estate is worth? That’s right, nothing.
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