Bought for $188 million five years ago. just sold for $100 million:
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Ah heck, that’s nothing.
1740 Broadway, was bought by Blackstone in 2014 for $605 million. Blackstone had borrowed $300 million against the 26-story building near Columbus Circle. This spring, the building was acquired for less than $200 million.https://www.nytimes.com/2024/06/06/business/office-building-foreclosures-losses.html
Bargain hunters are getting deals of up to 70 percent, a sign of the pain in the commercial property market that could lead to large losses for banks and investors in real-estate-backed loans.https://www.nytimes.com/2024/06/12/business/distressed-office-buildings-buyers.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb
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