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Bulletproof to bust: Top AAA bonds tarnished by a Blackstone office deal’s blow up
MarketWatch | By Joy Wiltermuth
Top AAA-rated commercial property bonds have been tarnished by a defaulted office loan on a Blackstone Inc. building in New York City, which in May left investors with big losses.
While Blackstone ran into trouble on 1740 Broadway, a 26-story office building near Manhattan’s Columbus Circle, in the wake of the pandemic, it took several years to resolve its huge mortgage bill.
It wasn’t until recently that investors in the property deal received some of their money back after nearly a decade, albeit after taking a $190 million collective hit on their roughly $300 million investment, according to data from CrediQ.
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