NCSWIC

New York City commercial real estate in trouble as major building sells at 97.5% discount.

The building’s current owner purchased it in 2006 for an incredible $332 million. It was nearly fully occupied at that time as office demand was high and the real estate sector was booming. However, it sold for a paltry $8.5 million last week, and its price is serving as a cautionary tale of what the city – and by extension, the U.S. commercial real estate sector – can expect moving forward.

https://www.naturalnews.com/2024-08-06-new-york-city-commercial-real-estate-in-trouble.html