Updated
Updated · Crain's New York Business · Jul 17
Canadian Pension Fund, EB-5 Investors Take Major Losses at 1 Willoughby Square
Updated
Updated · Crain's New York Business · Jul 17

Canadian Pension Fund, EB-5 Investors Take Major Losses at 1 Willoughby Square

1 articles · Updated · Crain's New York Business · Jul 17

Summary

  • 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 having been hit, underscoring the scale of the write-down at the project.
  • The losses add to pressure on office-backed real estate investments, where high-profile projects can damage both pension portfolios and smaller investor stakes.

Insights

How does a new $450M Brooklyn skyscraper become worth less than half its cost?
When a US green card costs your life savings, is the EB-5 program a dream or a trap?