Close Up Look at Ugly NYC Commercial Real Estate
On October 6th, NewsHour with Jim Lehrer aired an episode covering the commercial real estate meltdown currently taking place in New York City. They so reasonably refer to the $3.5 trillion in outstanding commercial real estate debt as potentially the “other shoe about to drop.”
From the PBS website, “Just two years ago an office space in midtown Manhattan could fetch close to $1.7 billion. Today, the same property trades for about $600 million.”
At tip of the hat to The Money Game for getting this real estate wreckage on our radar.