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.
Categories
Recent Posts
Midtown Manhattan: A tale of two office markets
What’s in a record? Anatomy of a news-worthy deal
The highs and lows of reselling on Billionaires’ Row
The Daily Dirt: Kingston’s housing survey shakes up rent control debate
NYC’s top deals: Bill Ackman offloads co-op
Paramount CEO directed no-bid contract to firm tied to ex-girlfriend
Bill Ackman sells UWS co-op for $9M
Domain, LMXD join Park Tower for Greenpoint Landing’s next phase
Naftali lands $675M JPMorgan loan to buy Spitzer’s 800 Fifth Ave
Worldwide Plaza valuation nosedives by $1.4B amid tenant turmoil