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Stellar Management’s $800M Mortgage in Trouble | Real Estate News
Stellar Management’s flagship NYC office tower, bought for $200M in 2012 and gut-renovated with another $268M, is now in crisis — saddled with an $800M mortgage sent to special servicing as cash flow plummets and vacancy soars to 14%. With key tenant Flatiron Health’s lease expirations looming and subleasing already underway, concerns mount over potential relocation. The building also hosts Warby Parker and MAC Cosmetics, but pressure mounts further with $120M in mezzanine debt. All while Stellar navigates leadership changes following the recent passing of co-founder Larry Gluck and the…
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