A 23-story Manhattan office tower that sold in 2006 for $332 million has changed hands in an online auction for $8.5 million – a 97.5% loss.
The New York Times reported the owner of the property, an investment fund run by UBS Realty Investors, had previously tried to offload the building for under $50 million, but that transaction fell apart. Instead, the company held a two-day, public online auction on the Ten-X real estate auction site, where it was listed alongside motels and suburban strip malls.
The identity of the new owner will be announced following the official closure of the sale. However, the auction only covered the building located at 135 West 50th St. – the land is owned by a publicly traded real estate firm, which collects a monthly lease. But the 920,000-square-foot building is only 35% occupied, giving it one of the market’s highest vacancy rates.
The property was built in 1963 on the site of the 5,920-seat Roxy Theatre, which was once the world’s largest cinema. Over the years, its tenants included the jewelry retailer Zales, the New York Telephone Company (the predecessor of Verizon) and the corporate headquarters of Sports Illustrated.
Photo courtesy of LoopNet
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Don’t know the condition. Sign of bad times ahead for commercial RE?
Look that price is closer to the real value. Less to all DROP THE PRICES.
Nobody wants to live or work in a crime laden Democrat run city. Free might be more like it!
You must be right Andrew. That is why residential rents and sales prices are so low in NYC, and all Democratic run cities, where crime has actually decreased. You sound like Yogi Berra regarding a restaurant… “Nobody goes there anymore, it is too crowded.” Great logic on your part. BTW, it’s the Democratic Party, not the so-called “Democrat Party” because the R’s can’t stand “democratic”, they prefer autocratic.
“I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.”
We are a a Republic. A democracy is where 2 Wolves and 1 sheep vote on what’s for dinner or should I say whom. A Republic is where the homeless man has the same rights as the multi-billionaire.
The party system was not favored by George Washington he wrote in his parting speech from office. His reasons and I paraphrase because they act as choke points or brokers of power. And can subvert the will of the people in the democratic process in a republic.
Truth be told. We all have more in common with each other no matter what stamp or label is on our voting card. What does that mean ? Lets endeavor to respect one another and one another’s viewpoints even when and more so when we don’t agree or align. And there is a possibility we can learn from one another when we listen and respect each other. Common Courtesy it use to be called. There is a word bantered shouted in the Political Arena and on Media repeated quite often its “Fight”.
Here’s it’s definition… take part in a violent struggle involving the exchange of physical blows or the use of weapons.
That definition is not good for business, or good business for most of us. When there is Fear or Strife in the streets property values go down.
And people, consumers investors hold.
Sure; Hold to your Values and Work and Respect. I respect you and you respect me nd we both win its called cooperation.