NYRT reports $940M first mortgage default on One Worldwide Plaza; foreclosure action underway

New York REIT Liquidating LLC

$940M first mortgage on One Worldwide Plaza in monetary default as of Dec 2025; mortgage foreclosure action commenced.
$190M senior mezzanine loan defaulted Sep 2024; acquired by Extell affiliate Oct 2025, accelerated; UCC foreclosure sale postponed.
$70M junior mezzanine loan also in default.
Receiver Matthew D. Mason (Hilco Global) appointed Mar 4, 2026; property manager replaced with Cushman & Wakefield effective Jul 1, 2026.
NYRT holds 49.9% indirect interest via ARC; no obligation to fund additional capital; not party to negotiations.

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