This 23-Floor Manhattan Office Building Just Sold at a 97.5% Discount

[mhays]

This is an odd deal...just the building, not the land, and the land lease (99 years to go) is currently revenue negative, i.e. the least costs more than the current (partially-full) tenant lease revenue.

The buyer could renovate to improve the office infrastructure (big investment) or even convert to housing or demo/rebuild (gigantic investment, not a great building, off-ave site) but either is a huge bet. Any major project would require buying out leases.