It also alleges that SL Green is conflicted because it manages at least 14 competing major office buildings in Manhattan. It alleges that SL Green has not secured a new tenant lease at 245 Park Avenue since November 2018. “SLG Manager’s failure to do its job is what caused the need for these chapter 11 cases,” according to a motion filed by the entity, PWM Property Management. The HNA affiliate alleges SL Green intentionally sought to put the building in financial duress. It owes $13.4 million to Cook County and $9.7 million to NYC. Its biggest creditors are the Cook County, Illinois Treasurer and New York City’s Department of Finance. The LLCs controlling the properties at 181 West Madison Street and 245 Park Avenue filed for Chapter 11 bankruptcy on Sunday in Delaware, claiming to have between $1 billion and $10 billion in assets and liabilities. It is one of China’s largest corporate bankruptcy cases and could lead to the sale of $40 billion in assets, SCMP reported. On Sunday, a judge in China approved a corporate restructuring, allowing creditors of HNA Group to go forward with selling its assets, according to South China Morning Post. The same year it purchased the 937,000-square-foot building at 181 West Madison Street in Chicago for $359 million.īut amid shifting political pressure in China and mounting debt, HNA put the office towers back on the market the following year. It financed its acquisition with a $1.2 billion CMBS loan provided by JPMorgan Chase Bank and others. assets and paid $2.2 billion to acquire 245 Park Avenue. In 2017, HNA Group was among the country’s largest foreign owners of U.S. In a response, SL Green said the claims are a “desperate attempt by HNA to deflect from its blatant neglect of this prominent office tower.” The HNA entity is seeking to oust SL Green from its management role. The HNA Group affiliate, PWM Property Management, alleges SL Green failed to secure a new anchor tenant at 245 Park Avenue to replace Major League Baseball’s lease that expired on Oct. HNA Group’s Guoqing Chen, 245 Park Avenue in Manhattan and 181 West Madison Street in Chicago (Committee of 100, Wikimedia)Īn HNA Group affiliate that owns a 44-story Park Avenue skyscraper and a 50-story Chicago Loop office tower filed for bankruptcy as the Chinese conglomerate HNA goes through a multibillion corporate restructuring.ĭespite HNA’s troubles overseas, the entity blames SL Green, its property manager, for the bankruptcy filing.

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