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Updated · Crain's New York Business · Jun 26Canadian Pension Fund, EB-5 Investors Take Major Losses at 1 Willoughby Square
1 articles · Updated · Crain's New York Business · Jun 26Summary
- 1 Willoughby Square inflicted major losses on a large Canadian pension fund and on EB-5 investors tied to the Brooklyn office property.
- The latest report identifies both institutional and immigrant-investor capital as hit, widening the damage beyond a single owner or lender.
- The losses underscore continuing stress in office real estate, where troubled assets can wipe out multiple layers of investors in the same project.
Insights
As Manhattan’s office market booms, why did a new Brooklyn tower trigger a $120 million loss for its investors? Is this Brooklyn office failure an isolated incident or an early warning of a hidden crisis in private credit? Foreign investors lost millions seeking US residency. Does the EB-5 program offer a real path or just financial peril?