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The brutal reality of plunging office values is here.
Cairns New York Business ^ | 2/20/24 | Natalie Wong and Patrick Clark

Posted on 03/24/2024 6:30:09 AM PDT by Lockbox

Across the country, deals are starting to pick up, revealing just how far real estate prices have fallen. That’s spurring widespread concern about losses that can ripple across the global financial system — as underscored by the recent turmoil unleashed by New York Community Bancorp, Japan’s Aozora Bank and Germany’s Deutsche Pfandbriefbank as they took steps to brace for bad loans.

In Manhattan, brokers have started to market debt backed by a Blackstone-owned office building at a roughly 50% discount. A prime office tower in Los Angeles sold in December for about 45% less than its purchase price a decade ago. Around the same time, the Federal Deposit Insurance Corp. took a 40% discount on about $15 billion in loans it sold backed by New York City apartment buildings.

(Excerpt) Read more at crainsnewyork.com ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; Politics/Elections
KEYWORDS: agjames; commercial; office; realestate; realty
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To: ealgeone

yak-yak about being in office

For many workers, text and Zoom work just fine for everyday conversations and communication. Even scheduled service industries.


41 posted on 03/24/2024 8:20:26 AM PDT by drSteve78 (Je suis Deplorable. Even more so)
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To: EEGator

because everywhere else is worse.

So we’re still eff’ed , just not as bad as others who are more eff’ed.


42 posted on 03/24/2024 8:22:00 AM PDT by drSteve78 (Je suis Deplorable. Even more so)
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To: drSteve78
Objections I heard to wfh.....people will be doing their laundry....they'll be watching tv....goofing off...etc

I contend the folks who goof off like that will goof off in the office.

Everyone knows who the slackers were when we were in the office.

43 posted on 03/24/2024 8:24:52 AM PDT by ealgeone
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To: BipolarBob

Yes, the views would be great! Scope out a newer office with showers, etc. Pack an urban squaters kit: inflatable bed, food, solar charger for phone, etc. Probably enough WiFi that you can connect to.


44 posted on 03/24/2024 8:30:20 AM PDT by Reno89519 (If Biden is mentally unfit to stand trial, he is mentally unfit to be president. He needs to resign.)
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To: Lockbox

90% is more likely in coming months or year or two.


45 posted on 03/24/2024 8:31:14 AM PDT by Reno89519 (If Biden is mentally unfit to stand trial, he is mentally unfit to be president. He needs to resign.)
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To: Lockbox

Giuliani turned NYC around by focusing on quality of life issues, crime, pornography, prostitution, graffiti. In short order, NYC became a jewel. Bloomberg maintained the changes. DiBlasio undid everything.


46 posted on 03/24/2024 8:31:42 AM PDT by Ge0ffrey
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To: Dilbert San Diego; HYPOCRACY

Venice is basically an open sewer that depends upon the tides to flush the system.
Gondolas upon canals if fecal matter.
Yeech!


47 posted on 03/24/2024 8:32:17 AM PDT by RedMonqey ("A republic, if you can keep it" Benjamin Franklin.)
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To: MinorityRepublican

AI can’t do real code: to include bug fixes, version control, new features.

It can do nifty plagiarism of existing code bases for things like the UI for games.


48 posted on 03/24/2024 8:34:41 AM PDT by grey_whiskers ( The opinions are solely those of the author and are subject to change without notice.)
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To: HYPOCRACY

Okay, so go to New York City, San Francisco, even places like Reno to see the cesspool conditions, filth, people living on the streets, drugs, crime, hookers, illegals everywhere? How is that a tourist attraction? Armoured tourist buses, armed security?


49 posted on 03/24/2024 8:36:23 AM PDT by Reno89519 (If Biden is mentally unfit to stand trial, he is mentally unfit to be president. He needs to resign.)
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To: EEGator

It will be reworked to provide luxury condos to illegals.


50 posted on 03/24/2024 8:38:19 AM PDT by 9YearLurker
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To: 9YearLurker
It will be reworked to provide luxury condos to illegals.

Buildings are being converted to have apartments but it's complex and expensive, and city building restrictions often get in the way.

Exclusive: 46 NYC office buildings could convert to apartments under city's new plan

https://www.axios.com/2024/01/16/office-conversions-nyc-apartments

51 posted on 03/24/2024 8:49:44 AM PDT by tlozo ( Better to Die on Your Feet than Live on Your Knees )
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To: hardspunned

Why not house the illegals and homeless drug addicts in those buildings? That would get them back to 100% occupancy. I’m completely serious.


They want YOU to do it with your house.


52 posted on 03/24/2024 8:52:50 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: tlozo
Buildings are being converted to have apartments but it's complex and expensive, and city building restrictions often get in the way.

It's possible. But you'll have to put in a lot of bathrooms. Previously, you can have one bathroom for the entire floor. Now you're going to have to put in one for each room.

It might be cheaper to tear down the whole thing.

53 posted on 03/24/2024 8:59:22 AM PDT by MinorityRepublican
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To: know.your.why
somebody please explain to me why my rent for my apartment went up over 50% this year.

Because there are millions of new illegals now in America's rental market.

54 posted on 03/24/2024 9:31:02 AM PDT by Lizavetta
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To: Ge0ffrey

DiBlasio Mission appeared to be drive out any non liberal voters. Mission accomplished, what will be the results? Liberal Democrats don’t care, they just wasn’t the money and power! How do you explain the mess Haiti is in, their leaders did not care either. New York City is just a few steps away from becoming like Haiti.


55 posted on 03/24/2024 9:34:02 AM PDT by Lockbox (politicians, they all seemed like game show hosts to me.... Sting…)
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To: hardspunned

Giving people free housing ..that can barely take of themselves or who are strung out on drugs ... doesn’t seem like it would solve their problems...?
Or,anyone else’s for that matter.


56 posted on 03/24/2024 9:36:59 AM PDT by Leep (Leftardism strikes 1 in 5.)
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To: HYPOCRACY

Raising taxes is like raising prices. If there are options then neither increase sticks. Just as California how their tax increase are working. Don’t stand in the street to ask, the Californians leaving for Texas will run you over🤣


57 posted on 03/24/2024 9:42:51 AM PDT by Lockbox (politicians, they all seemed like game show hosts to me.... Sting…)
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To: Starboard

The whole concept of America has been living through one big slow motion black swan event ever since Biden cheated his way into power.


58 posted on 03/24/2024 9:46:49 AM PDT by Bonemaker (invictus maneo)
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To: EEGator

“I do think at least 30% of corporate jobs are useless.”

Starting with CEO’s and boards, more like 90%.


59 posted on 03/24/2024 10:04:03 AM PDT by Bonemaker (invictus maneo)
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To: ealgeone

“It showed what a useless concept of being in a cube was.”

Reminds me of Peter Gibbons.

“So I was sitting in my cubicle today, and I realized, ever since I started working, every single day of my life has been worse than the day before it. So that means that every single day that you see me, that’s on the worst day of my life.”


60 posted on 03/24/2024 10:06:55 AM PDT by MayflowerMadam (Fraud vitiates everything." - SCOTUS)
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