SL Green Vies for More Control Over New York Tower, Loans May Face Payoff Challenges in 2023, Israeli Tech Firm Launches Securities Offering for Single-Family Rentals

SL Green Vies for More Control Over New York Tower: SL Green Realty has a deal with an affiliate of Chinese conglomerate HNA Group that could see Manhattan’s largest office landlord increase its ownership and investment in 245 Park Ave., a 44-story tower in New York. The agreement was reached through a Chapter 11 bankruptcy reorganization process begun last fall by PWM Property Management, representing HNA, the majority owner of 245 Park and 181 W. Madison St. in Chicago. SL Green is poised to oversee the restructuring of more than $1.7 billion in debt on 245 Park, including $1.2 billion of debt tied to multiple mortgage-backed securities issued in 2017 and $568 million in mezzanine debt. The deal does not involve the Chicago property.