This 23-Floor Manhattan Office Building Just Sold at a 97.5% Discount
New York Times | 31st July 2024 | Matthew HaagIn 2006, the hulking office building at 135 West 50th Street in Midtown Manhattan sold for $332 million. Tenants occupied nearly every floor; offices were in demand; real estate was booming.
On Wednesday, it changed hands again . . . for $8.5 million.
…
…The buyer faces an immediate financial challenge: The auction was for the building itself, not the land. That is owned by a publicly traded real estate firm, which collects a monthly lease. But the rent from the building’s current tenants is not enough to cover those monthly payments, which are set to increase every five years and do not expire until 2123.
135 West 50th has more than 920,000 square feet but is just 35 percent occupied with office tenants, down from about 40 percent a year ago.
Ummm . . . I’m no financial genius, but . . . Democrats?
This is a job for… Super-intendent Man…
This is a job for … the government to step in and spend lots of money converting this space into a home for migrants…
Kamala – “It’s all Trumps fault. My record speaks for itself and all of my accomplishments of doing nothing…I mean”..
Just turn it into Migrant housing. Those folks will gladly pay rent, take great care of the place, and open new legit businesses that need office space. The problem will be solved! And if that doesn’t work, have the gov pass another tax and use that rich white guy funding to pay for the building!
Ah shoot, slow connection, Bob B beat me to the idea. Great minds think alike!
If it was a contest, I’d be getting the gold, but I’ll settle for some bitcoin…
The idea itself is fleshed out to include:
Migrants move in.
Their rent and utilities — and other associated services — are paid by a newly created non-profit run by Democrats, and top-heavy with management.
The non-profit gets its profit from government. 10% to the Big Guy.
Government gets its money from you, who think this is a stupid plan.
The IRS collects it because of guns.