Interesting Article On Manhattan Real Estate
Here is an exclusive Bloomberg article on a Manhattan office tower that was part of the whole Equity Office / Blackstone frenzy in early 2007. The current owner acquired the building in July for $590 per square foot, when it sold two years ago for nearly three times that amount. The building is now 40% vacant with rents down 30% from their peak and Manhattan vacancy rates their highest since 1996.