RXR’s News Corp building sees 42% valuation drop

Managing a billion-dollar property can come with some snags.  That’s the case at 1211 Sixth Avenue, where the valuation has fallen 42 percent since 2015. The property was most recently appraised at $1.19 billion — south of the $2 billion it was at a decade ago, per Morningstar Credit.  The new valuation follows the property’s loan being sent to special servicing and then modified. Cash flow is down at the building but investors say tenant improvements are coming.  The property, a 44-story office building between West 47th and 48th streets, is better known as the News Corp building, since it’s […] This article originally appeared on The Real Deal. Click here to read the full story.