Despite many companies issuing return-to-office mandates, the commercial real estate market in big cities like New York remains volatile.
Iconic office towers once valued in the hundreds of millions are taking a major hit. For example, a Midtown Manhattan office building just sold at a 97.5% discount after only receiving one offer, the New York Times reported.
Related: Amazon Is Reportedly Tracking ‘Coffee Badging’ Workers and Their Real In-Office Hours
A 23-story, 925,000-square-foot building, redesigned by the famed Gensler Architects team, sold for $8.5 million last week. The building last sold in 2006 for a whopping $332 million.
The office building, located at 135 West 50th Street, was built in 1963, and
→ Continue reading at Entrepreneur