Troubles for Wall Street office tower worsen as foreclosure looms

Nypost ^ | 07/30/2023 | STEVE CUOZZO

[KC_Conspirator]

This will bleed over into other areas as well.

[Adder]

What’s Oaktree going to do with an office tower?
Or any lender for that matter?

Sell it to the Chinese?

[Jimmy Valentine]

“Mezzanine” financing is secondary financing behind the first trust. This is going to be a pretty big financial wreck.

[SaveFerris]

BidenDepresson 2023

Maybe Spring, 2024

Every September, I look at the stock market waiting for the next surprise

The Biden Administration is doing too much damage

[Shady]

As long as Dominion “counts” the votes, no.

[EQAndyBuzz]

I used to work in that building many years ago.

[Alberta's Child]

The article mentions that the building is completely vacant and is undergoing a major renovation that was never completed.

Maybe the lender figures this could be a good opportunity for a residential conversion.

[ExTxMarine]

Both Dallas and Fort Worth figured out in the 1990s that downtown office space was simply not working out to be as valuable and needed as before. More and more suburbs of the DFW area were building mini-office centers, so people could still work for XYZ corporation, but didn’t need to drive an hour into downtown Dallas/Fort Worth to complete their work. Digital networks, remote work capabilities, and various other contributions have made the need for one huge building or sprawling facility obsolete.

Both Dallas and Fort Worth originally had charters and city zoning ordinances which made these buildings either commercial, residential, or industrial and they could not be used for anything else. But, in the late 90s with buildings sitting empty, they changed their tune when younger up-and-comers didn’t want to live on the family farm or in the suburbs, but there were not enough residential spaces in the DFW downtown areas. So, they changed their zoning to allow multi-use buildings (Floors 1 & 2, or even as high as 4, are commercial, the rest are residential)...downtown living EXPLODED. Which spurred a great deal of additional office space growth.

I think with the current mindset of both the employers and employees, many of these new office buildings are going to become multi-use facilities, like the OLD downtown office towers.

Unless your job requires physical attendance (i.e., construction, doctor, police, manufacturing, etc.), most people want to work from home and remove the daily commute. COVID showed that it can be done and be done successfully.

Until these cities realize there are some who want to live downtown (like the New York City life but in Dallas, or Houston, or Albuquerque, etc.), they will continue to falter and THEN they may become the next Detroit, Philadelphia, or name another failing city that keeps a tight control on zoning requirements.

[Rappini]

I’m betting that Trump company is thinking of buying it at the bottom.

[Eccl 10:2]

“BidenDepresson 2023

Maybe Spring, 2024”

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As far as the stock market goes, the issue I have with your prediction is that the globalist-owned Fed is going to open the liquidity floodgates well before (six months?) the 2024 elections to juice the stock market up.

[SaveFerris]

You could also be correct there

🤔🤔🤔