Another Marquis Building Underwater. Collapse of 2024 set off by Commercial Real Estate. The $90M loan tied to the building traded for $35M
I left my heart in San Francisco...and lost 55 Million bucks. Ouch
The bad news keeps pouring in for USA commercial real estate ticking time bomb.
This is the city, San Francisco California: commercial real estate update.
Address: 550 Kearny St.
Selling for just 40% of the loan balance.
Kairos took control of the 196k square foot building via deed-in-lieu transaction.
The $90M loan tied to the building traded for $35M, or ~$180 per square foot.
The former owner acquired the building for $113M in 2017.
This is just one of many buildings in SF that have traded at massive 50-90% 'discounts'
Welcome to Wall Street where profits are privatized and losses are socialized.
end of that section
San Francisco Union Square Closures
Whole Foods
Target
Antropologie (They spelled Anthropology wrong)
Crate & Barrel
H & M (stands for Heinous & Morons)
Marshalls
DSW
The Real Real
Gap
Abercrombie & Fitch
Banana Republic (Yes United States is a Banana Republic, how Prophetic)
Amazon go (you know you’re in trouble when Amazon Shuts it down)
Disney (More like Disney Misery, where Asian kids chained to a sewing machine make toys of misery for US children)
Old Navy
Huge Indicator of Suffering Economy - Can the city attract conventions. Conventions mean that the visitors show up with cash in hand patronizing the shops, restaurants and hospitality industry
According to San Francisco’s Travel Association, the Moscone Center, the largest convention venue in the city, only booked to host 21 events in 2023
There used to be one per week, they are down over 40%