Savanna staves off foreclosure sale at 521 Fifth Avenue
Savanna keeps surviving the clarion call of a foreclosure sale at 521 Fifth Avenue, even as it continues to chart a future without the office building. Its lender, Deutsche Bank, requested a 90-day extension on a foreclosure sale of the 496,000-square-foot property near Bryant Park, the Commercial Observer reported, citing a credit alert from KBRA. The borrower consented to the request. In the last six months, three extensions were granted to prevent a foreclosure sale of the property. Deutsche Bank doesn’t appear interested in taking possession of the office and has been jointly marketing the property for sale with Savanna. […]
This article originally appeared on The Real Deal. Click here to read the full story.
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