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Non-Tech : Investing in Real Estate - Creative Opportunities

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To: E_K_S who wrote (2680)3/21/2021 11:32:00 AM
From: John Vosilla1 Recommendation

Recommended By

   of 2722
Repricing of our large city center residential towers hints at a massive shakeout ahead?

Value of Beekman Tower cut by 45% in new appraisal178-unit luxury residential complex mainly leased to corporate tenants

By Kevin Sun

The luxury Beekman Tower in Midtown East is now worth nearly half its $146 million valuation from 2018. (Beekman Tower)

Eight months since its owner sought pandemic-related loan relief, the landmark Beekman Tower has exited special servicing after securing a payment deferral. But the value of the corporate housing-centric property has taken a big hit.

The 178-unit complex in Midtown East is now appraised at $79.9 million. That’s down 45 percent from the $146 million it was valued at in 2018. The new appraisal is from Collier’s.
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