As a wave of more than $16B in CMBS loans backed by New York City office buildings comes due in 2023, office assets with plunging valuations that can't be refinanced because the lending window has shut are beginning to topple into default like dominoes.
The latest asset to tumble is the 18-story office portion of the 68-story Metropolitan Tower, which is located in a Zip Code with the densest population of billionaires in Manhattan: 142 West 57th Street, in what's known as the Plaza district of Midtown.
The other floors in the Metropolitan Tower are occupied by residential condominiums, which are selling for top market rates.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
