Deutsche Bank’s anticipated $350 million loss on a New York City office building signals a deepening crisis in the commercial real estate market. With the property’s value plummeting and significant vacancies, the situation reflects broader challenges in the sector, as other distressed buildings in Manhattan may face similar struggles.
The New York commercial real estate nightmare is gaining serious momentum…
It's just been reported that Deutsche Bank will take a $350M loss on a New York City office building
In 2014, DB bought the 780K sq ft building for $500 million and is reportedly ready to sell for… pic.twitter.com/Dew06TGWTB
— Triple Net Investor (@TripleNetInvest) November 19, 2023