The owner of one of the most iconic commercial properties in the history of popular music has returned the property to a lender.
According to a GlobeSt.com report, Brookfield Asset Management (NYSE:BN) has returned the deed for New York City’s Brill Building to Mack Real Estate Group in a transfer valued at $216 million. Brookfield purchased the property in 2017 in a UCC foreclosure with a transfer valued at $213 million, while Mack acquired the mezzanine debt on the property from Bank OZK (NASDAQ:OZK) in 2019.
Built in 1931, the 11-story Brill Building gained a legendary status as the headquarters site of the leading American record labels, music publishers, recording studios and songwriting offices from the 1930s through the 1970s. At its peak in 1962, the Brill Building was home to 165 music businesses.
The surrender of the Brill Building is the latest tumult impacting Canadian-headquartered Brookfield – it defaulted on loans for two Los Angeles office properties in February and defaulted on a $161.4 mortgage backed by more than a dozen office buildings in the Washington, D.C. metro in April. It also defaulted on a $275 million loan backed by EY Plaza in Los Angeles in May.
Photo: David Wilson / Flickr Creative Commons