Worldwide Plaza valuation nosedives by $1.4B amid tenant turmoil 

Worldwide Plaza’s market value has cratered, wiping out the equity of its owners and threatening another body blow to Midtown’s trophy office market. The 1.8 million-square-foot tower at 825 Eighth Avenue was appraised at $345 million in April, an 80 percent drop from its $1.7 billion valuation in 2017, according to CMBS loan documents obtained by Bisnow.  SL Green and RXR acquired a roughly 49 percent stake in 2015, with the now-liquidating New York REIT holding the majority. The property is backed by $940 million in CMBS debt originated by Goldman Sachs and Deutsche Bank, plus $260 million in mezzanine […]This article originally appeared on The Real Deal. Click here to read the full story.