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Values of Distressed Manhattan Retail Properties Plummet

Real estate borrowers who are already struggling to pay the mortgages on their Manhattan retail properties have also been hit with a sharp cut to those properties’ assessed values. So reports MarketWatch.

!--more-->The values for Manhattan retail properties for which lenders ordered new appraisals since July—often done when borrowers seek debt relief or fall behind on their payments—were down 53% from their value at the time of securitization, according to data from real-estate data platforms Trepp and CompStak.

Trepp and CompStak, which looked at $5 billion of Manhattan retail property debt, said that the lion’s share of those properties were in “the Chelsea/Clinton and Greenwich Village/SoHo neighborhoods.”

Read the full article from MarketWatch.

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