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The title is misleading. The asking price is $300 million (the original sale price from years ago) but bids are expected in the $60 million range. It's that om
by xqcgrek2 4y ago
The title is misleading. The asking price is $300 million (the original sale price from years ago) but bids are expected in the $60 million range.
It's that ominous.
- chasd00 4y agoif it's empty and no one wants to lease space and the city isn't going to let you change the purpose of the building then why are there any bids at all?
- ttyprintk 4y agoThat’s where the article ends. Will a conventional lender finance the debt? Will a cash buyer speculate against your premise?
- Ekaros 4y agoSpeculate. Let's say market recovers somewhat in next n years. And the price goes back to even half of the original 300M and you got asset for 60M. That would be 90M profit or 150%, in however many years. If you are strong believer in commercial real estate, it might not be bad bet. And then take other investments. Is there more sensible or less risky place?
- xboxnolifes 4y agoNobody wants to rent in it and the city won't let you change the purpose of the building right now. The future is always uncertain.