Investors in Blackstone Building Lose Everything as CRE Implodes
The building at 1740 Broadway has finally been sold, more than two years after Blackstone stopped making payments on the $308M commercial mortgage against the building. The building has been sold and investors in the AAA rated portion of the CMBS have taken a 26% haircut, and everyone else has been completely wiped out, taking a 100% loss on their investment. This is the first time investors have taken a haircut on a AAA-Rated CMBS investment since the Global Financial Crisis. It won't be the last.
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