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Office · New York, United States
Midtown South Loft Office
Midtown South, Manhattan
The opportunity
Held by a lender after a consensual transfer of control. Midtown South Loft Office trades at a basis 44% below replacement cost because the market has stopped underwriting office as a category. The remaining credit is real — 3.9 years of term on the top three tenants — and no new competing supply is under construction. The New York case: a five-borough bid that never fully clears and owners who prefer to trade quietly.
- Basis 44% below replacement cost
- 3.9 years WALT on the top three tenants
- 9,200 sq ft contiguous vacancy, fully demised