– Firesale: Blackstone’s Defaulted Manhattan Office Tower Loan Marketed At 50% Discount:
Continued turmoil in the office market is causing concern as the third week of the new year nears.
Sources close with Bloomberg said a $308 million mortgage on a Manhattan office tower owned by Blackstone is being marketed at $150 million, or about a 50% haircut. This is the second attempt to sell the tower by the private equity giant, who defaulted on the debt.
Midland Loan Services, the special servicer, hired brokerage Jones Lang LaSalle Inc. to sell the tower at 1740 Broadway. The debt is packaged into a commercial mortgage-backed and marked at a 50% discount.
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