New York Commercial Building gets Marked to Market  October 6, 2009 PBS News Hour ~ Youtube (5:53min) 
www.youtube.com/watch?v=1VcyxmF89ns

An office and retail tower in Midtown Manhattan was purchased in 2007 by World Wide Plaza for approximately $1.7 billion as part of a package of properties totaling $7 billion. The banks who put up the financing approved the deal and allowed the purchaser to put down only $50 million (3%)! 

2 years later the owners,  could not refinance their term first and second mortgages and gave the property back to the banks who then sold the previously valued $1.7 billion property for $600 million, a 65% or $1.1 billion loss.

The History of The Equitable Building New York City

Thanks to Bob Hoye's The Consequence of Real  Estate  Bubbles August 29, 2006 

Rents continue to fall in New York, too, and Citibank is reportedly trying to sell the mortgage it holds on 40 Wall St. at a distress price. The amount that Citi is owed on the 70-story building, once a holding of the late, great Ferdinand Marcos, is $80 million. 

The amount that it is willing to accept in payment, according to Crain's New York Business, is $20 million, or $20 a square foot. A source of ours relates that the offered side of the market is, in fact, lower; a spokeswoman for Citicorp declines to provide a number.