{"id":12720,"date":"2024-08-06T00:02:31","date_gmt":"2024-08-06T00:02:31","guid":{"rendered":"https:\/\/imsfund.com\/?p=12720"},"modified":"2024-08-06T00:02:31","modified_gmt":"2024-08-06T00:02:31","slug":"nyc-office-building-sells-for-97-5-less-than-original-price","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2024\/08\/06\/nyc-office-building-sells-for-97-5-less-than-original-price\/","title":{"rendered":"NYC Office Building Sells for 97.5% Less Than Original Price"},"content":{"rendered":"


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Despite many companies issuing return-to-office mandates<\/a>, the commercial real estate market in big cities like New York remains volatile<\/a>.<\/p>\n

Iconic office towers once valued in the hundreds of millions are taking a major hit. For example, a Midtown Manhattan office building just sold at a 97.5% discount after only receiving one offer, the New York Times<\/i><\/a> reported.<\/p>\n

Related<\/b>: Amazon Is Reportedly Tracking ‘Coffee Badging’ Workers and Their Real In-Office Hours<\/a><\/b><\/p>\n

A 23-story, 925,000-square-foot building, redesigned by the famed Gensler Architects team, sold for $8.5 million last week. The building last sold in 2006 for a whopping $332 million.<\/p>\n

The office building, located at 135 West 50th Street, was built in 1963, and auctioned off by UBS on an auction website called Ten-X. It received just one bid.<\/p>\n

“UBS’s perspective was, ‘We need to sell this quick, we’ve kind of made peace with this is gonna be a big loss. We need to sell it and we need to move on,” Ten-X president Steven Jacobs told The Real Deal<\/a><\/i> in an interview.<\/p>\n

Related: Barbara Corcoran Issues Warning on Commercial Real Estate Market<\/a><\/b><\/p>\n

The building has seen a slew of companies call it home over the years, including Zales and Sports Illustrated, though it’s now 65% vacant due to the pandemic and companies downsizing on office space.<\/p>\n

The building’s website boasts<\/a> floors that range from 12,000 to 63,000 square feet with full-floor blocks that “could serve as a building within a building for the right tenant.”<\/p>\n

However, the sale of the building does not include the land beneath it, as UBS sold that to Safehold in 2019 for $285 million.<\/p>\n

The new owner of the building has not been revealed.<\/p>\n

Related: Salesforce Is Cracking Down on In-Office Work<\/a><\/b><\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite many companies issuing return-to-office mandates, the commercial real estate market in big cities like New York remains volatile. Iconic office towers once valued in the hundreds of millions are taking a major hit. For example, a Midtown Manhattan office building just sold at a 97.5% discount after only receiving one offer, the New York […]<\/p>\n","protected":false},"author":5,"featured_media":12721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/assets.entrepreneur.com\/content\/3x2\/2000\/1722890307-Screen-Shot-2024-08-05-at-43637-PM-optimized.png?format=pjeg&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-12720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/12720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=12720"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/12720\/revisions"}],"predecessor-version":[{"id":12722,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/12720\/revisions\/12722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/12721"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=12720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=12720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=12720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}