Report: Former Astor Place Starbucks space heads toward foreclosure, with a possible new tenant

Here's a good reason why the former Starbucks space on Astor Place has remained vacant for the past 18 months: The property is headed toward foreclosure. 

As The Real Deal reports, the lender for the commercial condo at 21 Astor Place, facing the Cube/Alamo, won a summary judgment in New York Supreme Court this past Thursday. 

The property is owned by an entity associated with Isaac and Edward Gindi, who refinanced it with a $26.7 million loan in 2015. The financial troubles followed the departure of Starbucks in July 2024, after a 20-year run at the high-profile corner. 

According to The Real Deal, the coffee chain's exit triggered a requirement for the borrower to deposit $1.5 million into an account controlled by the lender. The lender alleges that the money was never deposited. 

The property's value has also taken a substantial hit. According to Morningstar Credit, the property's appraised value has fallen more than 73% since 2015. 

There may be some movement on the retail front, however. The Real Deal reports that the loan servicer is negotiating a lease with a chain prospective tenant. A receiver began drafting a new lease agreement in September, though there's no word yet on who might take the space. 

Meanwhile, DoorDash, which occupies more than half of the commercial condo, has a lease that expires in January. 

EVG had the scoop on the SB closure in July 2024. The 4,000-square-foot outpost with popular restrooms was the 11th SB to open in the city... debuting on March 30, 1995.