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Goldman-Led Group Seizes TSX Broadway After LL Fortress Default

Source: commercialobserver.com

A Goldman Sachs-led group has taken control of the TSX Broadway development in Manhattan after LL Fortress defaulted on its loans.
The property, a major mixed-use tower under construction, was seized through a UCC foreclosure process valued at around $1.1 billion.
This move highlights distress in New York real estate amid high interest rates and office market woes.

A consortium led by Goldman Sachs seized the TSX Broadway project from developer LL Fortress following a loan default. The action involves a major 1.7 million-square-foot tower in Times Square that's still under construction. It underscores challenges in the commercial real estate sector, particularly for office-heavy developments, and signals lender aggression in workouts.