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Updated · Crain's New York Business · Jun 81 Willoughby Square Hits Overseas Lenders, Pension Fund and EB-5 Investors With Major Losses
1 articles · Updated · Crain's New York Business · Jun 8Summary
- 1 Willoughby Square left overseas lenders, a Canadian pension fund and EB-5 investors with major losses tied to Brooklyn’s tallest office tower.
- The latest report identifies the damage as spread across multiple funding sources, showing the pain was not limited to one creditor class.
- The losses underscore the financial strain around a high-profile Brooklyn office project as investors absorb write-downs on a marquee tower.
Insights
Brooklyn's tallest office tower is half-empty and devalued. Is this the future for commercial real estate outside Manhattan? With investors losing millions in Brooklyn, how will the $8 billion Penn Station project secure funding without burdening taxpayers?