A loan backed by a high-profile retail property on New York’s Fifth Avenue — anchored by a Coach flagship store — has been placed in special servicing, typically a signal of distress in commercial real estate. GGP, the U.S. shopping mall division of Brookfield, pushed back on the transfer, calling the action unwarranted.
Brookfield's GGP pushes back after Fifth Avenue retail loan lands in special servicing
'The loan is fully performing,' company says, despite Coach's plans to exit marquee space
By Andria Cheng
CoStar NewsMay 20, 2026 | 9:39 P.M.
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IN THIS ARTICLE
- Properties
- Brooklyn Commons
115 Myrtle Ave, Brooklyn, NY
- Mandarin Oriental Residences Fifth Avenue
685 5th Ave, New York, NY
- Companies
- Brookfield Property Group
Real Estate