Posted on 05/01/2020 5:36:43 PM PDT by conservative98
A billionaire investor might soon (or now) be able pick up some buildings in Manhattan at fire sale prices, holding them until a couple years after Manhattan reopens, and make a handy profit on them then.
With rents for commercial space dropping like lead, revenue for paying the hefty mortgages declines, lowering the value-return on the building and lowering asking prices sellers can expect. Sooner or later some owners will just want out, take their losses now. Other investors will move in to take the bargains while they can and hold the buildings until the growth in rental rates slows too much.
https://www.cnbc.com/2020/04/16/coronavirus-the-new-york-retail-real-estate-market-is-reeling.html
Exactly!
Stay shut down for all I give a crap
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