In an unusual online auction, the 23-story office building at 135 West 50th Street in Midtown Manhattan that was previously sold for $332 million in 2006, resold for a mere $8.5 million, reflecting a significant decline in real estate value due to the pandemic.
Several large Manhattan office buildings have been sold at substantial discounts recently, with some fetching less than half of their previous sale prices, showcasing the ongoing downturn in the market that has not yet hit rock bottom.
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