1 Willoughby Square Inflicts Big Losses on Overseas Lenders, Canadian Pension Fund and EB-5 Investors
Updated
Updated · Crain's New York Business · May 12
1 Willoughby Square Inflicts Big Losses on Overseas Lenders, Canadian Pension Fund and EB-5 Investors
2 articles · Updated · Crain's New York Business · May 12
Overseas lenders, a Canadian pension fund and EB-5 investors have absorbed steep losses tied to 1 Willoughby Square, Brooklyn’s tallest office tower.
The losses center on a high-profile office property in downtown Brooklyn, underscoring how stress in the office market is hitting multiple layers of capital in a single project.
EB-5 investors were among those affected alongside institutional and foreign lenders, showing the damage extended beyond traditional real-estate financiers.
The write-downs add to pressure around New York commercial property values as officials separately grapple with budget strains and a broader housing agenda.
With office towers failing, can NYC's budget and housing plans survive the coming commercial property tax crisis?
Foreigners lost $65 million seeking green cards in a Brooklyn tower. Is the American dream now a high-stakes real estate gamble?