Several construction sites that have shut down also are facing foreclosure threats without new financing, like a hotel-condo project with a Robert De Niro-backed Nobu restaurant under construction in lower Manhattan. In New York City, addresses in "serious jeopardy," Fasulo says, include a 23-story Moinian Group skyscraper across from the New York Public Library that sold for $160 million two years ago, as well as an office building a few blocks away on Fifth Avenue that Moinian and Goldman Sachs' Whitehall group bought two years ago. Real Capital Analytics, which tracks commercial real estate transactions, counted more than $86 billion worth of distressed properties in the country as of April, more than $6 billion in Manhattan. "This is a train wreck that's coming in the large office towers," said Matthew Haines, chairman of the real estate Web site. The Sixth Avenue building is among the first of a wave of foreclosures and auctions expected in the next year that will slash sale values of formerly prime real estate, analysts say. That's happening on a massive scale on the commercial side." "If everyone had to buy their houses in cash, the values of houses would plummet everywhere. "Just imagine in a residential market, if there weren't 80 percent loans available for everyone," said Dan Fasulo, a managing director at Real Capital Analytics. Developers are falling behind on mortgages as tenants leave and can find no financing to cover payments, analysts say. Loan defaults in the worst commercial real estate market in decades have created tens of billions worth of distressed properties across the nation, sometimes forcing cut-rate auctions of landmark skyscrapers. and the 33-story Equitable Building in downtown Atlanta is set to go up for auction next month its owners owe more than $50 million to the bank and have only half of the building leased. Situated on a prime corner in the country's wealthiest commercial market, steps from the Museum of Modern Art and a few blocks from Rockefeller Center and Central Park, the 1330 Avenue of the Americas building sold for close to $500 million just three years ago.īut when owner Harry Macklowe defaulted on the $130 million loan, it was auctioned last month for the minimum to a Canadian pension fund unit.Ī month before that, the John Hancock Tower - Boston's tallest skyscraper - sold at auction for just over $20 million. All rights reserved.If a one-bedroom condo can go for a cool million bucks on the Upper East Side, how exactly does a 40-story skyscraper in Midtown sell for just $100,000? Copyright 2023 Staten Island Multiple Listing Service, Inc. Data deemed reliable but is not guaranteed accurate by Staten Island MLS and should be independently verified. Any other use of the data is hereby prohibited. This data is provided exclusively for consumers’ personal, non-commercial use and may only be used for identifying prospective properties consumers may be interested in purchasing or renting. All rights reserved.Ĭertain real estate listing data is provided by Staten Island MLS under its Internet Data Exchange program. Information is deemed reliable but not guaranteed.Ĭopyright 2023 OneKey® MLS. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than Zillow, Inc are marked with the OneKey® MLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The data relating to real estate for sale or lease on this web site comes in part from OneKey® MLS. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. The data relating to real estate for sale on this web site comes in part from the participating Brokers. Listing information is deemed reliable, but not guaranteed. The property information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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