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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. 😏

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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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.”