A six-story building that was constructed in 2019 next to Penn Station has sold at a foreclosure auction for about 25% of what it cost to build the asset.
Marathon Asset Management acquired the six-story building, located at 263 West 34th Street and encompassing about 40K SF of office and retail space, for $16.5M during an auction held on the steps of the old County Courthouse in Lower Manhattan.
Marathon put down a credit bid, using their existing debt. The next highest bidder at the auction was $16M, TheRealDeal reported.
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