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NYC Property Mogul Charles Cohen Sticks With Buy-and-Hold Plan in Crisis

  • CMBS debt near $1 billion; half of loans have missed deadlines
  • Pandemic will pass and ‘there’s no place like New York’
Cohen’s New York
Cohen’s New YorkBuildings: 135 E 57th St., 3 Park Ave., and 750 Lexington Ave. Source: Cohen Brothers Realty Corp.

All over Manhattan, trouble is brewing for billionaire Charles Cohen.

Rent collections lag at the Decoration & Design Building, his Midtown showroom palace for interior designers. He’s 60 days delinquent on loan payments for his 42-floor office tower at 3 Park Avenue South.