135 W 50 St just sold for $8.5 million. That’s right – nine million dollars for a 23-story building in the heart of midtown Manhattan. That price dropped 98% since the last time it was sold!
This is actually a reasonably attractive building near the corner of 50th St and 6th Avenue. OK, it’s an office building, but knock out a few walls, and you have yourself a nice 23-story townhouse with a roomy million square feet of living space.
That’s right – a million.
That price is jaw-dropping. The bottom has fallen out of the commercial real estate market.
Contrast that to the residential market, where two million dollars buys you 1000 square feet.
