Lenders backing the $1.8 billion sale of a Manhattan skyscraper to Kushner Cos can breathe easy this week.

That’s because the real estate giant just paid down a $200 million loan — in cash. But all those Benjamins may leave others in commercial real estate a bit queasy.

After all, Kushner didn’t refinance the debt — and how many landlords can pay down borrowings in cash?

Commercial property investors see repayment of the loan, used to finance Kushner’s nearly $2 billion acquisition of 666 Fifth Avenue last year, as a bellwether for markets hit by a downturn and tightening credit — which have made it tough for landlords to refinance deals or generate cash flows for debt payments. That doesn’t bode well.

“The refinancing market is a little disturbing, to say the least,” Kushner President Kevin Swill told Reuters on Monday.

Kushner, which also owns New York’s Puck Building, has made headlines before — like when a 25-year old family scion bought the New York Observer for $10 million in 2003.

But all eyes are now on New York developer Harry Macklowe, who paid $7 billion to Blackstone for several New York office buildings — and reportedly owes $5 billion in short-term financing next month.

It may be tougher coming up with that much in cash.

(Image: 666 Fifth Avenue in New York. Reuters file)