Free Republic

Blackstone defaulted on the $308 million mortgage on a Manhattan office tower more than a year ago — and the debt is now up for sale at a discount of more than 50%. ... The skyscraper has been losing value since 2014, when the mortgage was originated and 1740 Broadway was appraised at $605 million, ... Blackstone ceased funding operating shortfalls at the building and stopped paying the mortgage as of March 2022,.. Midland, however, has yet to foreclose on the tower, though it’s unclear why. ... As of September 2023, the occupancy at 1740 Broadway was a mere 7.4%,...

"A 1,000-foot colossus by the SchuylkillThe proposed $3.5 billion "Phila. River City" would rise 60 stories above JFK Blvd. But it exceeds limits and, so far, has few advocates. By Joseph A. Slobodzian Inquirer Staff Writer Its developers call it "Philadelphia River City" - a colossal $3.5 billion project that would remake northwest Center City along the Schuylkill with 12 million square feet of residential, commercial and office space in a series of 10 towers that would dwarf anything in the neighborhood..."