Top 20! Manhattan's Biggest Distressed Properties
The New York Observer reports: Eight of Manhattan’s top 20 distressed properties fall in downtown; and several are well known: the Apthorp apartment building; the condo conversion 20 Pine The Collection, where some of the interiors were designed by a branch of Giorgio Armani’s empire; Kent Swig's 25 Broad; the Riverton in Harlem; the Jean Nouvel–designed condo at 100 11th Avenue; the Philippe Starck–backed 95 Wall (where Gossip Girl's Chace Crawford reportedly has an apartment); all three downtown AIG buildings; and a few former Harry Macklowe holdings.
"What’s different about this down cycle is there still appears to be unlimited demand once you reduce your price point for people," said Dan Fasulo, managing director for research at Real Capital Analytics, which provided the data. "And the problem is many owners and developers are into the project at pricing levels that don’t give them the flexibility to lower prices on the market without getting wiped out."
The distressed properties are ranked by their value at mid-year 2009.
View the full article on The New York Observer: Top 20! Manhattan's Biggest Distressed Properties
Posted by: Matthew Stone