A place to talk about New York on Farcaster

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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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