Blackstone has sold 1740 Broadway in New York for a $420 million loss. They purchased the property for $605 million in 2014 and it sold for just $185 million. https://twitter.com/MacroEdgeRes/status/1784277266421137831
In the last year or so, and especially picking up steam now, commercial real estate has been taking a bath. This is just one example. Huge losses that are impacting investors and more importantly pension funds. Wonder if all the state AGs are watching and waiting to sue all these companies that have caused huge losses to their pension funds? Trump's NYC case has no victims, but here there are plenty of individual investors and pension funds taking huge haircuts.
These large corporate conglomerates have doubled their property portfolios since the plandemic kicked off.
But I think it was a trap.
That is why family housing supply is so low as the corporations have bought up nearly double what they used to hold in single family homes.
So to attack this issue the plan is probably to have them stuck with higher rates and be upside down.
Meanwhile the other plan of attack is President Trump's idea of building new housing and new urban centers for young adults.
Check this guy's posts on Commercial RE, you can see it's picking up steam: https://twitter.com/TripleNetInvest
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