321 W 44th St office building owned by Related Cos affiliate sells for under $50M, a 67% price drop from its 2018 purchase price of $153M.
Related Cos affiliate's Manhattan office building at 321 W 44th St is set for a 67% price drop, selling to Empire Capital Holdings & Namdar Realty Group for under $50M, a significant discount from its $153M 2018 purchase price. The short sale involves Related and lender Canadian Imperial Bank of Commerce selling the property for less than the mortgage amount. Office property valuations decline amid remote work and borrowing cost increases, with older buildings struggling to fill space.
June 10, 2024
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