The coronavirus-fueled economic fallout has pushed countless hotel and retail property loans into special servicing. But one of the latest CMBS loans to run into trouble is from a different asset class altogether — the ground underneath a famed Midtown East office building. The $272 million CMBS loan on the ground under the Lipstick Building at 885 Third Avenue has been transferred to special servicing, according to Trepp data. The reason is listed as “Imminent
source https://therealdeal.com/2020/06/08/ceruzzis-272m-loan-on-lipstick-building-ground-lease-goes-to-special-servicing/
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