HNA Group did not return a request for comment.Spring suggestion: Linear spring fine. In 2020, 245 Park AvenueвЂ™s revenue totaled around $178 million, while 181 Madison AvenueвЂ™s revenue totaled around $41 million, according to the bankruptcy filing.Д«loomberg first reported the news about bankruptcy.ДЄn attorney representing PWM Property Management in the bankruptcy proceedings did not return a request for comment. The HNA entity is seeking to bring in MB Real Estate Services to manage the 245 Park Avenue building, which serves as the building manager at 181 Madison Avenue. SL GreenвЂ™s spokesperson did not provide a response on questions related to the status of its preferred equity stake in the building. вЂњDespite managing and leasing such an under-invested property, SL Green has made tremendous progress in its leasing efforts with over 400,000 square feet of completed leasing and ongoing retail leasing conversations,вЂќ the spokesperson said.

SL Green added that it made recommendations for HNA to undertake an investment strategy, including a new lobby, plaza and amenities to вЂњto compete at the necessary level to be successful.вЂќ It also said that SL Green had invested almost $150 million of capital of its own money in the building. вЂњ(HNA) has instead defaulted on their own lease obligations at the property of over $7 million in arrears,вЂќ according to an SL Green spokesperson. вЂњSLG Realty will have the right to foreclose on the equity of the building and take it all for itself,вЂќ PWM Property Management alleges.ДЄ spokesperson for SL Green said HNA is to blame since it failed to deliver funds needed for a capital investment plan in 245 Park Avenue because of its distress in China. (SL Green closed on a $148 million preferred equity stake in the building in 2018). PWM Property Management also alleges that SL Green benefits from its failure to lock in new leases since it has a substantial equity interest in the building and thus can foreclose on the property if PWM cannot meet its payments. It also alleges that SL Green is conflicted because it manages at least 14 competing major office buildings in Manhattan. It alleges that SL Green has not secured a new tenant lease at 245 Park Avenue since November 2018. вЂњSLG ManagerвЂ™s failure to do its job is what caused the need for these chapter 11 cases,вЂќ according to a motion filed by the entity, PWM Property Management. The HNA affiliate alleges SL Green intentionally sought to put the building in financial duress. It owes $13.4 million to Cook County and $9.7 million to NYC. Its biggest creditors are the Cook County, Illinois Treasurer and New York CityвЂ™s Department of Finance. The LLCs controlling the properties at 181 West Madison Street and 245 Park Avenue filed for Chapter 11 bankruptcy on Sunday in Delaware, claiming to have between $1 billion and $10 billion in assets and liabilities. It is one of ChinaвЂ™s largest corporate bankruptcy cases and could lead to the sale of $40 billion in assets, SCMP reported.

On Sunday, a judge in China approved a corporate restructuring, allowing creditors of HNA Group to go forward with selling its assets, according to South China Morning Post. The same year it purchased the 937,000-square-foot building at 181 West Madison Street in Chicago for $359 million.Д«ut amid shifting political pressure in China and mounting debt, HNA put the office towers back on the market the following year. It financed its acquisition with a $1.2 billion CMBS loan provided by JPMorgan Chase Bank and others. assets and paid $2.2 billion to acquire 245 Park Avenue. In 2017, HNA Group was among the countryвЂ™s largest foreign owners of U.S. In a response, SL Green said the claims are a вЂњdesperate attempt by HNA to deflect from its blatant neglect of this prominent office tower.вЂќ The HNA entity is seeking to oust SL Green from its management role. The HNA Group affiliate, PWM Property Management, alleges SL Green failed to secure a new anchor tenant at 245 Park Avenue to replace Major League BaseballвЂ™s lease that expired on Oct.

HNA GroupвЂ™s Guoqing Chen, 245 Park Avenue in Manhattan and 181 West Madison Street in Chicago (Committee of 100, Wikimedia)ДЄn HNA Group affiliate that owns a 44-story Park Avenue skyscraper and a 50-story Chicago Loop office tower filed for bankruptcy as the Chinese conglomerate HNA goes through a multibillion corporate restructuring.Дespite HNAвЂ™s troubles overseas, the entity blames SL Green, its property manager, for the bankruptcy filing.

All black sl loop