Another Office Tower Goes Bust: Blackstone Walks from Manhattan Tower it Bought for $605 Million. CMBS Holders to Eat Remaining Losses
[https://wolfstreet.com/2022/03/22/another-office-tower-goes-bust-blackstone-walks-from-manhattan-tower-it-bought-for-605-million-cmbs-holders-to-eat-remaining-losses/](https://wolfstreet.com/2022/03/22/another-office-tower-goes-bust-blackstone-walks-from-manhattan-tower-it-bought-for-605-million-cmbs-holders-to-eat-remaining-losses/)
[{"id": "i1uusz6", "text": "This reminded me of a random article I read at the beginning of the pandemic. I wonder how rough this repricing is going to be  \n\n\nhttps://medium.com/@joe.nolan3489/the-next-shoe-1ff38c049d46", "replies": [], "depth": 1}, {"id": "i1v0ie4", "text": "The market is bifurcating between highly amenitized new construction/renovated properties and the rest. \n\nIt's not like BX is walking away from NYC office investments\n\n https://commercialobserver.com/2022/03/blackstone-49-percent-stake-purchase-1-manhattan-west-brookfield/", "replies": [], "depth": 1}, {"id": "i1vaszp", "text": "Where can you find commercial properties for sale that are undergoing liquidation events?", "replies": [], "depth": 1}, {"id": "i1vsz3x", "text": "BX did not lose much. Deduct their equity from closing (can\u2019t remember if refi or acq.) and their remaining basis after ~8 years of distributions. They\u2019d be doing a disservice to investors dumping a ton of money in to retenant and refinance this loan, which may be at a lower value than they bought it for. \n\nToo lazy to do the math. BX is still by far the best credit in real estate.", "replies": [], "depth": 1}, {"id": "i1y1dow", "text": "So when is \"The Big Short 2\" coming out? Will Steve Carrell still be the lead I wonder?", "replies": [], "depth": 1}]