RealEstateFlux

1372 Broadway’s Fall Reveals State of NYC Office

The New York Times | Terry Pristin | July 23, 2008 For several years, it seemed that prices for Manhattan office buildings would never stop climbing. But now, in perhaps the clearest demonstration so far of how commercial real estate values have deteriorated in the last year, 1372 Broadway, a 21-story brick building in the garment [...]

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Wachovia Unloads New York Office Asset at 14% Discount

Source: Bloomberg A joint venture led by Wachovia Corp. agreed to sell a 21-story office building in midtown Manhattan’s garment district at a $41 million loss, people with knowledge of the decision said according to Bloomberg.  Wachovia, owner of 85 percent of 1372 Broadway, and minority owner SL Green Realty Corp. agreed to sell the [...]

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Wachovia hires Goldman Sachs to evaluate mortgages

Source: The Wall Street Journal Wachovia Corp.’s acknowledgment that it has hired investment bank Goldman Sachs Group Inc. to study its troubled portfolios of mortgages means the Charlotte, N.C., bank is likely gauging the market value of those loans in order to eventually sell them, reports The Wall Street Journal. The final price, market observers say, could [...]

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