The $33.2 million loan on 1710 Broadway in Manhattan’s Midtown West area is being monitored by its Master Servicer due to concerns over the lead tenant’s future in the building, according to Trepp.
Christian Casey, the corporate entity owned by Sean “P. Diddy” Combs that licenses Sean John apparel, occupies 60,590 square feet of the 68,285 square-foot building. But the most recent servicer watchlist notes say that the tenant “has been vague regarding plans upon lease expiration.”
The Christian Casey lease expires in April 2014.
The loan on the building, which was constructed in 1918 and renovated in 2003, matures in May 2015.
According to the servicer notes, the borrower has been working on a “substantial marketing campaign.”
C&K Properties acquired 1710 Broadway after Amalgamated Clothing and Textiles Workers Union left the the property completely vacant, according to the firm’s website. C&K developed grade level retail space and leased 100 percent of the office space to Sean “P. Diddy” Combs. Within 18 months of purchase, the property was completely renovated, 100% leased and refinanced.
The building still has 30,000 square feet of development rights available for future add-on or re-development of the site, according to candkproperties.com.