Nightingale Associates

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An affiliate of SL Green and Wharton acquired the loan tied to 1552 Broadway and the retail portion of 1560 Broadway in New York City for 29% of the outstanding amount. United Overseas Bank originated the mortgage in 2017. Paid $63M to buy the debt, which had ballooned to…

Back to auction again - bids under $2M rejected last month. Auction July 28-30 Buffalo, New York Starting Bid $500K Former Walter J. Mahoney State Office Building 70K SF Vacant Built 1925 Purchased at auction in 2021 for $4.1M. Planned $20M hotel conversion did not…

Office Vacancy Q2 Atlanta 24.8% Austin 28.5% Charlotte 26.1% Chicago 25.3% Cincinnati 25.2% Dallas 26% Denver 25.9% Houston 25% Los Angeles CBD 32.1% Minneapolis 29% Phoenix 27.5% Sam Francisco 34.8% Seattle 31.7% -cushmanandwakefield #commercialrealestate

Boeing is close to a deal to sell its former headquarters at 100 N. Riverside Plaza Chicago, Illinois for 15% to 18% of its price 20 years ago. Expected sale price between $25M and $30M. Purchased for $165.2M in 2005. Subject to a ground lease. 776K SF Built 1990 52%…

1/6 Auction July 21-23 Starting Bid $750,000 215 W Diehl Rd Naperville, Illinois 160,042 SF Vacant Built 1998 #commercialrealestate

2/6 Auction July 28-30 Starting Bid $700,000 1020 W 31st St Downers Grove, Illinois 218,000 SF 13% Leased Built 1982 #commercialrealestate

3/6 Auction July 28-30 231 E Baltimore St. Baltimore, Maryland Starting Bid $800,000 105,994 SF 4% Leased Built 1905 #commercialrealestate

4/6 Auction July 28-30 40 Richards Avenue Norwalk, Connecticut Lender Facilitated Sale Starting Bid $1,000,000 152,609 SF Occupancy 22% Built 1985 #commercialrealestate

5/6 Auction July 28-30 200 Connecticut Ave Norwalk, Connecticut Lender Facilitated Sale Starting Bid $1,000,000 132,234 SF Occupancy 39% Built 1977 #commercialrealestate

6/6 Auction July 28-30 1100 Superior Ave E Cleveland, Ohio Starting Bid $2,750,000 576,503 SF 32% Leased Built 1972 #commercialrealestate

The Hotel Vance portion of Broadway Tower in Portland, Oregon went back to the lender via deed in lieu of foreclosure. Debt backed by the hotel was refinanced in 2022 for more than $47M. Occupies first 8 floors of the 19-story tower. Beastro, the ground-floor restaurant from…

201 California St. in San Francisco expected to sell for around 28% of price 6 years ago. Expected sale in the upper $60M range. Purchased for $239M in 2019. 262K SF Built 1980 35% leased -therealdeal #commercialrealestate

Clinton Square, 75 South Clinton Avenue, Rochester, New York sold for 36% of loan amount. Sold for $11.5M. Foreclosure papers filed in March of 2024 alleged that the owner owed $32M. 315K SF Built 1990 -rbj #commercialrealestate

Breuner Building 2201 Broadway Oakland, California could be acquired for 15% of 2016 price. Buyer of loan could acquire the building via a deed in lieu of foreclosure. Nonperforming $42M loan for sale with price guidance around $10M. Purchased in 2016 for $65M. 198K SF…

Tompkins Community Bank foreclosed on Cornell Business & Technology Park in Ithaca, New York. Owners defaulted on $68M mortgage. Failed to make payments since September 2023. Cornell University owns the land on which the business park sits. -ithacavoice #commercialrealestate

Midtown Central Square’s appraisal fell 44% in three years, according to Morningstar Credit. The 14-story building at 2100 Travis Street, Houston, Texas is now valued at $33.5M, down from its $60.2M valuation in 2022. 300K SF Built 1957 Renovated 2015 -therealdeal…

A three-building office complex called Georgia 400 Center in Alpharetta, Georgia sold for 43% of its price six years ago. Sold for $39.1M. Purchased for $91M in 2019. More than 430,000 SF 67% leased Built1998-2004 -ajc #commercialrealestate

1/4 Phoenix, Arizona office vacancy rate Q2 at 27.5% East Phoenix 36.2% Central Business District 29.7% West/Northwest Phoenix 30.1% -cushmanandwakefield #commercialrealestate

2/4 Denver, Colorado office vacancy rate Q2 at 25.9%. Central Business District 34.6% River North 43.4% -cushmanandwakefield #CommercialRealEstate

3/4 Chicago, Illinois office vacancy rate Q2 at 26.7%. River North 31.5% East Loop 31.7% Central Loop 28.4% -cushmanandwakefield #commercialrealestate