NYC’s real estate rout hits office, resi and retail

Another Manhattan office building took a beating this week: the value of 1140 Sixth Avenue has dropped 90 percent from $180 million in 2016 to $17.8 million today, with the value per square foot of $70 now less than former asking rents. The owner, American Strategic Investment Co., is facing financial difficulties and a significant drop in occupancy — from 91 percent to 69 percent in 2021 — and net operating income — from $9.5 million in 2016 to $1.6 million in 2023. The loan backing the building was transferred to special servicing in April and foreclosure proceedings began in […]This article originally appeared on The Real Deal. Click here to read the full story.