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A Canadian pension fund just sold its 29% stake in this New York office building for $1.
The 26-floor building in Manhattan stands at 360 Park Avenue South and was purchased in 2021 with plans to redevelop it.
The pension fund had already poured $71 million into the property and the building currently has a $220 million mortgage.
Boston Properties, the acquirer of the pension fund's stake, said the project needs "a change in strategy."
Office building prices are down nearly 50% from their highs.
https://m.stacker.news/18268
A Canadian pension fund just sold its 29% stake in this New York office building for $1.
The 26-floor building in Manhattan stands at 360 Park Avenue South and was purchased in 2021 with plans to redevelop it.
The pension fund had already poured $71 million into the property and the building currently has a $220 million mortgage.
Boston Properties, the acquirer of the pension fund's stake, said the project needs "a change in strategy."
Office building prices are down nearly 50% from their highs.
https://m.stacker.news/18268