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adrienne
@adrienne
Nothing surprising in this article and yet still kinda wow. A very extreme case of the state of nyc office space. 23 story midtown building sold in 2006 for $332M. This week it sold for $8.5M, 97.5% discount, in an auction. Interesting that land is sold separately- I don’t know how common that is in nyc. This could turn into a very good investment… some day. 😏 https://www.nytimes.com/2024/08/01/nyregion/manhattan-office-building-auction.html?unlocked_article_code=1.AE4.oTM-.8LycGNMtI5bx&smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb
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lawrenceroman.eth
@lawrenceroman
Land is not always sold separately. This is not the norm. Land and building structure are always tax assessed separately but most times are sold together. The fact that someone bought the building but not the land is one of the reason why the price was so low: “The buyer faces an immediate financial challenge: The auction was for the building itself, not the land. That is owned by a publicly traded real estate firm, which collects a monthly lease. But the rent from the building’s current tenants is not enough to cover those monthly payments, which are set to increase every five years and do not expire until 2123.”
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Luciano
@luciano
the framing of the article is just flat wrong tho — it’s not that today’s price is discounted it’s that the 2006 price was hyperinflated today’s price is closer to fair value than ever which is why it finally sold
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sparkz
@jacy
Once they rezone to residential that price is gonna look like an even bigger steal.
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kk
@king
8mil... i can do that
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Sam (crazy candle person) ✦
@samantha
can we use our unvested moxie to purchase this? ;p
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Just Build
@justbuild
Happening everywhere to some degree, but the extremes of the big city are incredible. Just wow.
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Angelika Kollin
@angelikakollin
It probably requires a very costly demolition
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baubergo
@baubergo-
Still insanely expensive.
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juanpriahitam.base.eth
@juanpriahitam
that's showing how terrible inflation is. but it's still a 90% discount lo
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