The building sold for $1 AND the buyer had to assume ALL of the debt that the seller owed. The article did not state the dollar amount of the debt the buyer also absorbed in this transaction.
It sold for $1 precisely because the debt is no longer serviceable. The lack of income no longer pays the mortgage payments so they cut bait.
There are huge office vacancies and as office leases come due the tenants are not renewing or they are drastically downsizing. Most commercial leases are 5 to 7 years or longer so many of these lease were pre-plandemic.
Could be a blood bath on the way in the office sector. We shall see.
Its illegal for a contract to be a one-sided giving. "Selling" for 1$ is common in business.
Not enough detail in the headline to say if its really good or not.
The building sold for $1 AND the buyer had to assume ALL of the debt that the seller owed. The article did not state the dollar amount of the debt the buyer also absorbed in this transaction.
It sold for $1 precisely because the debt is no longer serviceable. The lack of income no longer pays the mortgage payments so they cut bait.
There are huge office vacancies and as office leases come due the tenants are not renewing or they are drastically downsizing. Most commercial leases are 5 to 7 years or longer so many of these lease were pre-plandemic.
Could be a blood bath on the way in the office sector. We shall see.
Prime, cheap real estate within NYC that could easily turned into an apartment complex for illegals. NYC my ought to look into that.