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. READ FULL HISTORY.