Several office buildings, including one in Philadelphia's Old City and another in Times Square, are being sold at steep discounts, with a NYC building at 321 W. 44th St. being sold for less than $50 million, a 67% discount from its 2018 price. The Related affiliate selling the building paid nearly $153 million in 2018, resulting in a significant loss. The sale is part of a trend where aging and empty office buildings are being sold at discounts nationwide.
Several big office buildings nationwide — including in Manhattan — have recently sold at steep discounts of as much as 70% to opportunistic buyers, who are gambling that they will score large profits when prices eventually rebound. https://t.co/S04usqowuY
Related Fund Management selling Midtown office at 67% discount https://t.co/PQ5mSVBi2s
Buyers Snap Up Aging and Empty Office Buildings for Deep Discounts https://t.co/3lMivytEUs Several big office buildings nationwide — including in Manhattan — have recently sold at steep discounts of as much as 70 percent
A NYC office building will sell at such a discount that it's 67% less than the purchase price and below what's still owed on the mortgage. https://t.co/hNtta4dLxR
A New York City office building owned by a Related Cos. affiliate is set to be sold for less than $50 million, a 67% discount from the nearly $153 million it paid for it in 2018. The loan balance for the tower was more than $100 million.' https://t.co/cxiEEMO3BV
This is the old New York Observer (RIP) building. Buying these 1920s Midtown office buildings for $200-something psf is the deal of a lifetime, good for them. https://t.co/CeYRl2t9SJ
NYC office building, 321 44th St, selling for 67% lower than its 2018 price. https://t.co/OVCH6rEC9s
Investor takes shocking $100M+ loss on Manhattan office building in ~5 yrs of ownership A Related Cos affiliate is selling 321 W 44th St for ~$50M They paid $153M for it in 2018 The office meltdown in Manhattan is in full force for class B/C buildings For the latest updates… https://t.co/1i6JNKVZLo
NYC Landlord to Sell Office Building at Roughly 67% Discount - Bloomberg Related Fund Management agreed to offload 321 W. 44th St. Empire Capital, Namdar are paying less than $50 million
This will add fuel to the debate about how much of the CRE reckoning has already happened, & how much has yet to come. A NYC office building at 321 W. 44th St. is set to be sold for less than $50 million, a 67% discount from where it was sold in 2018. https://t.co/5T7oUSWTwd
Another large office building sold at a big discount in a key metropolitan area. This time NYC. 👀 https://t.co/tjSui10wG2
Times Square office building sells at 67% discount in short sale https://t.co/B4L4yWoQv2
A New York City office building owned by a Related affiliate is set to be sold at a steep discount. https://t.co/QQi1XYfcy2 via @business
Related a NYC Landlord to Sell Manhattan Office at Roughly 67% Discount #CRE #crisis
A New York City office building owned by a Related affiliate is set to be sold at a steep discount. https://t.co/QnVMet36nR
Office Building In Philadelphia's Popular Old City Section Sells For 38% Discount To Assessed Value https://t.co/U5PUvGMN9H