Joseph Sitt was one of the most aggressive investors during Manhattan’s retail real-estate investment boom. Now, he’s starting to feel the pinch of New York’s retail downturn. His company’s $37 million mortgage on 115 Mercer Street in SoHo late last month was taken over by a special servicer, a company that deals with issues like defaults or renegotiations of loan terms, Fitch Ratings said in a recent note.

Source: Wall Street Journal April 07, 2019 15:00 UTC