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HNA Park Avenue Skyscraper Files Bankruptcy in Lease Spat

  • Company blames Chapter 11 filing partly on property manager
  • Park Avenue building to lose Major League Baseball as tenant
245 Park Avenue in New York.

245 Park Avenue in New York.

Photographer: Andrew Harrer/Bloomberg

Updated on

The owner of a Manhattan skyscraper tied to China’s HNA Group Co. filed for bankruptcy, saying the property’s outside manager botched the replacement of an important tenant, Major League Baseball.

PWM Property Management said it faces about $2.19 billion in liabilities while its assets, which include 245 Park Avenue in New York and a building in Chicago’s business district, are worth about $2.53 billion.