Midtown Class A office tower ground lease takes 90% valuation hit

Midtown, especially around Grand Central, is booming. But not for everyone.  The ground lease for the office building at 1140 Sixth Avenue has seen a massive valuation drop to the tune of 90 percent; it was appraised at $180 million in 2016, and today it’s worth just $17.8 million, according to Morningstar Credit. The value per square foot, at $70, is cheaper than it once was to lease at the location. In 2012, the landlord asked $85 per square foot to rent.  The drop is startling considering that the neighborhood has generally done well post-pandemic. But the owner, American Strategic […]This article originally appeared on The Real Deal. Click here to read the full story.