A retail condominium anchored by Gap at the corner of Broadway and Maiden Lane in Lower Manhattan's Financial District is headed to market after being foreclosed upon, with a court-appointed receiver now shopping the space to prospective buyers. The Gap occupies the entire ground-floor retail footprint under a lease that runs until 2030, most recently operating a Gap Factory store there. The sale comes after the property's appraised value collapsed by 60 percent in just over a decade.
Receiver Taps CBRE After Court-Ordered Sale
In March 2026, a judge ordered the foreclosure and sale of the property, and the court granted approval for the receiver to sell it a few weeks later, according to The Real Deal. Receiver Chris Neilson of Trigild has since tapped CBRE to broker the sale. The evidence reviewed does not specify an asking price or identify any prospective buyer.
The retail condo's ownership traces back to 2014, when Crown Acquisitions and PPF Retail — a Morgan Stanley real estate adviser fund — purchased the space for $70 million. Crown Acquisitions was founded by Stanley Chera, who died in 2020. The following year, in 2015, the borrower took out a total of $70 million in loans against the property, the same year Gap began occupying the entire retail space.
Value Dropped As Debt Troubles Mounted
The property's appraised value fell sharply over the past decade, from $100 million in 2014 to $40 million in 2025, the outlet's report notes. That decline came even as net operating income on the property climbed 27 percent since 2015, according to Morningstar Credit figures cited in the same report. The mismatch between falling valuation and rising income underscores how much the debt load outpaced the property's worth.
By December 2024, the borrower indicated it would not be able to pay off the debt by an April 2025 maturity deadline, and the loan was transferred to special servicing, per the same account. A referee's report later put the total amount due at $63 million. PNC Bank, tied to the loan, declined to comment on the matter.
Pandemic-Era Rent Fight Still Echoes
The building's finances were also shaped by a bitter rent dispute between Gap and the property's owner during the 2020 pandemic shutdowns, when Gap demanded a rent refund over lost use of the space. The fight ended up before New York's Appellate Division, First Department, which in 2021 reversed a lower court's order granting Gap a Yellowstone injunction and directed that the relevant causes of action be dismissed, according to the New York Appellate Division, First Department decision. The appellate court found that the lease's casualty rent-abatement provision did not contemplate loss of use due to a pandemic or resulting government lockdown. Judges also determined that Gap remained in possession and its lease was still in effect, ordering the retailer to pay accrued rent and continue paying rent directly to the landlord going forward.
A Tough Retail Strip To Sell Into
Whoever ends up buying the condo will be stepping into one of Manhattan's softer retail corridors. Average asking rents on the Broadway retail strip in the Financial District stood at $227 per square foot, down more than 8 percent year over year and among Manhattan's lowest average asking rents, according to figures from the Real Estate Board of New York. Back in 2014, before the property's value began its slide, a Crown-led joint venture was reportedly in contract to sell the 20,000-square-foot retail condo at 170 Broadway for close to $70 million, around the same time Urban Outfitters leased 21,000 square feet nearby at 180 Broadway, as previously reported by The Real Deal.
