The Parkchester retail complex in the Bronx, spanning 541,700 square feet across a dozen two-story buildings, has seen its valuation drop from $112 million to $71 million—a 37% cut—according to Morningstar Credit. Owned by the Parkchester Preservation Company, which includes O’Connor Capital Partners and Olshan Properties, the property faces financial strain due to rising taxes and declining occupancy, now at 77%. Macy’s, Marshalls, USPS, Santander Bank, and PureFitness anchor the site, which includes nearly 2,000 parking spots. The loan entered special servicing after maturity was missed, with the borrower seeking takeout financing, forbearance, or an extension.
The Parkchester
