SL Green Booted From Worldwide Plaza Amid Foreclosure Fight

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Worldwide Plaza Loses SL Green As Manager Amid Foreclosure Fight

Worldwide Plaza is entering a new phase of distress as Cushman & Wakefield takes over property management while multiple creditors and Extell fight for control.

Management changes hands: A court-approved transition removed SL Green as manager of the nearly 2M SF Midtown office tower, with Cushman & Wakefield now overseeing operations. Hilco Global, appointed temporary receiver in March, has also established new banking, insurance, tax and leasing arrangements.

Receiver takes control: Since Hilco Global was appointed temporary receiver, the property has undergone a broader operational reset. New accounts and insurance coverage have been put in place, while Cushman & Wakefield has brought in new tax and leasing professionals as the building transitions away from SL Green's management.

Occupancy keeps sliding: The 49-story property has struggled since anchor tenant Cravath, Swaine & Moore vacated 617K SF in 2024. SL Green reported 61% occupancy at the end of June, while the receiver's report put actual occupancy at just 51%. WNET is also preparing to leave its 95K SF, while three retail tenants face default and eviction proceedings.

The numbers are ugly: Worldwide Plaza's monthly net operating income was negative $484K. A 2025 appraisal reduced the building's value by $1.4B, underscoring how sharply the asset has deteriorated following the loss of its largest tenant.

Foreclosure fight intensifies: Bondholders tied to a $940M senior mortgage initiated foreclosure proceedings in January. Meanwhile, Extell acquired the property's $190M senior mezzanine loan and is pursuing a separate UCC foreclosure. SL Green and RXR attempted to stop Extell's auction but were denied a preliminary injunction and have appealed.

A crowded capital stack: The property also carries a $70M junior mezzanine loan that is in monetary default. New York REIT Liquidating LLC retains a 49.9% ownership interest, while the SL Green-RXR venture owns 50.1%. Bondholders could face losses of as much as $488M.

➥ THE TAKEAWAY

A marquee asset faces a major reset: Worldwide Plaza has moved beyond a simple leasing problem into a full-blown capital-stack restructuring. With occupancy near 50%, negative cash flow and competing foreclosure efforts, whoever ultimately controls the building will inherit a significant challenge: recapitalizing a marquee Midtown asset before further tenant losses deepen the hole.

➥ Strong demand, shrinking quality supply and returning capital are fueling rent growth and renewed investment across Manhattan’s office, retail and multifamily markets.

➥ New York’s 2026 rent freeze is worsening financial pressures created by the 2019 tenant law, leaving more rent-stabilized apartments offline as owners struggle to fund repairs.

➥ New York City’s $5M-plus second-home tax is fueling confusion and legal challenges as thousands of homeowners face appeals, exemptions and a Jan. 1, 2027 payment deadline. 

➥ Extell’s 50 West 66th Street is positioning its 70-unit condominium as a resort-like destination, combining Central Park views, high-end finishes and 50,000 SF of amenities.

➥ Moinian is converting 150,000 SF at 17 Battery Place into 220 residential units, including 55 affordable apartments, with completion expected in early 2027.

➥ New York City and the MTA are studying a first-of-its-kind system to capture subway heat and use it to warm municipal buildings while helping reduce energy costs and emissions.

Manhattan continues to lead the nation's office recovery, with utilization nearly 70% of pre-pandemic levels versus 59% nationally. Sustained employee attendance has provided a meaningful tailwind for leasing activity and tightening market fundamentals. 

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