Loading ...“Who Could Be Next”: Top Canadian Pension Fund Sells Manhattan Office Tower For $1, Sparking Firesale Panic
Industry watchers see such shocking liquidations as an ominous sign for the market.
Canada Pension Plan Investment Board has recently done three deals at deeply discounted prices, selling its interests in a pair of Vancouver towers, and a business park in Southern California, but it was its Manhattan office tower redevelopment project that shocked the industry: the Canadian asset manager sold its stake for just $1. The worry now is that such firesales will set an example for other major investors seeking a way out of the turmoil too, forcing a wholesale crash in the Manhattan real estate market which until now had managed to avoid real price discovery.