Posted on 07/31/2023 7:44:10 PM PDT by ChicagoConservative27
The unfortunate case of 111 Wall Street might be even more unfortunate than it sounds.
Two months since we wrote that the vacant, 1.2 million square-foot tower at the corner of South Street “epitomized the crisis” of the downtown commercial market, the building owned by Nightingale Properties and Intervest Capital Partners now faces a foreclosure action by mezzanine lender Oaktree Capital Management, as first reported by Real Estate Alert.
(Excerpt) Read more at nypost.com ...
Collateral damage. Trump had to be got rid of. Too bad for those investors, but I’m guessing most of them were cheering when PDJT went down.
Commercial real estate everywhere is in a parlous state.
That’s a shame.
Are we headed for a stock market crash, like a big one?
Would the voters put the GOP in power knowing the free market is the only thing that will get us out of it?
Surprised there is enough equity to make it worthwhile for the mezzanine lender.
I know of one office tower that was taken over by homeless people. They painted graffiti inside and out.
.gov is too involved with bailouts and backstops to prevent a major crash. The trump and biden covid cash stimulus still reigns supreme out there. There isn’t enough volatility right now, I suspect that’s changing though. The 2nd largest trade for the qqq’s occurred eod, unclear if a buy or sell. I expect cpi next week to be hot.
I wonder if its dawning on them yet that we’re not going back to the office. Ever.
The pro-business wing of the GOP is now pro-Biden so they are Democrats now. I think we've seen this happen the past two decades.
The GOP is now the party of the middle class.
“Are we headed for a stock market crash, like a big one?”
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Things could get ugly. Prolonged high office vacancy will impact rental cash flows to the banks, insurance companies, REITs, pension funds, and other financial institutions that own them.
What I can’t say is to what degree that downturn is already baked in to the stock prices.
And Leo’s getting largeeeeer.
“Would the voters put the GOP in power”
Do the “voters” really decide this? It is a difficult concept to grasp, but are there really fair and free elections anymore? I wonder, but giving up on the idea of elections is difficult.
No one wants to answer the question, “what will keep these cities from the same path as cities such as Detroit, Baltimore, Philadelphia, Newark, Oakland, etc.?”
The is a PLETHORA of illegal immigrant foot traffic!
That guy isn't JJK. Looks a little like Jackie Gleason, but is not he.
LOL
Are these the office buildings that are too big to fail?
A matter of national security that they are bailed out?
Hope you enjoy some late night gallows humor.
This is happening in the Bay Area and Los Angeles also. Its a symptom of a greater problem. Our corporate infrastructure is crumbling.
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