Bloomberg reported this morning that SL Green sold its stake in 485 Lexington (921,000 sq. ft. near Grand Central Station). The transaction values the property at $504.2mm, down from $635mm at issuance back in 2007 - or off about 21%. The article points to this as a "real wake up call" for NYC property values, but seems better than I would have expected...
The senior mortgage is split between $135mm portion in MSC 2007-HQ11 and a $315mm portion in WBCMT 2007-C30.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment