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52%  
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Keyword: recessionbidenomics

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  • Nightmare on Constitution Avenue? Commercial RE Debt Heavily Concentrated In NY, SF, Chicago And LA As Office Vacancy Rate Nears 20%

    01/30/2024 8:12:46 AM PST · by Kaiser8408a · 17 replies
    Confounded Interest ^ | 01/30/2024 | Anthony B. Sanders
    Will The Dream Warriors at The Federal Reserve fix this impending disaster? Or will this be a Nightmare on Constitution Avenue, where the mausoleum-like Federal Reserve building are located? A Blackstone-owned Manhattan office tower with a $308 million mortgage is being marketed at a discounted rate of $150 million, representing a 50% reduction. The special servicer, Midland Loan Services, has enlisted Jones Lang LaSalle Inc. to facilitate the sale of the tower at 1740 Broadway. The bundled debt, included in a commercial mortgage-backed security, is marked with a 50% discount. In April, the tower was appraised at $175 million, a...