Distress & Opportunity / National
The firm bought the Old Post Office ground lease for $375 million in 2022 with $285 million in floating-rate debt, then lost it two years later.
08.18.26 · 2 min read
Every story on The American Developer that names CGI Merchant Group, 2 and counting.
The firm bought the Old Post Office ground lease for $375 million in 2022 with $285 million in floating-rate debt, then lost it two years later.
The lawsuit accuses the New York lender, which took the tower via a 2024 UCC foreclosure, of diverting dues and letting concrete and waterproofing failures go unaddressed.
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