Midtown Manhattan: A tale of two office markets
It was a tale of two office markets in New York this week. Charles Cohen’s 750 Lexington Avenue received a valuation of $41 million, a significant drop from its $300 million valuation in 2015. The building’s occupancy and net operating income have declined, leading to a foreclosure case. Cohen’s personal net worth has decreased in parallel and his troubles continue as he faces a separate $187 million judgment from Fortress Capital. On the other side of the spectrum, Scott Rechler closed a $1 billion deal for 590 Madison Avenue with a big private equity loan, New York City’s largest investment […]
This article originally appeared on The Real Deal. Click here to read the full story.
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