Forced Sale of Plaza District’s Tower 56 In Contract

Sovereign Partners entered into contract to purchase Tower 56 at 126 East 56th Street. The forced sale by Pearlmark Real Estate comes after the company was unable to refinance the outstanding debt of a 2018 refinancing provided by Blackstone. Currently about 80% leased, the approximately $110 million sale price of the Plaza District building is roughly equal to the owed debt. Pearlmark had acquired the property located between Lexington and Park Avenues for $158 million in 2008 according to city records.