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January 11, 2024

$215M Foreclosure Looms For Former Tommy Hilfiger Flagship On Fifth Avenue

Learn More On The 2024 Outlook From Industry Leaders With Howard Hughes, RXR And More On Jan. 31

A prime 90K SF office and retail building on Fifth Avenue could be lost to foreclosure after its owner stopped making mortgage payments.

$215M Foreclosure Looms For Former Tommy Hilfiger Flagship On Fifth Avenue

Special servicer Rialto Capital Advisors has moved to foreclose on 681 Fifth Ave., the building that long held Tommy Hilfiger's flagship store before the designer shuttered in 2019. Rialto, on behalf of a CMBS trust, filed a pre-foreclosure complaint in New York County Supreme Court on Wednesday.

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Skanska, a Swedish developer that is building new office projects in several U.S. markets, is paring back its growth plans in the country due to slower-than-expected leasing.  “In the near future, we will be very, very cautious and postpone further growth of the business in the U.S.,” Skanska Executive Vice…

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