Uday Kotak expressed surprise over the rate cut for a Manhattan property after it was reported that an office tower in New York's upmarket was sold at a massive 70 per cent discount to its previously sold price. As per a post shared by investor Nilesh Shah on X (formerly Twitter), the building was last sold for $150 million against its previously sold cost of $500 million.
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Uday Kotak responded to the post which read, “New York commercial office building going at Rs~ 16000 per Sq Ft” by saying that this is less than Mumbai's BKC.
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"A Manhattan office tower just sold at a shocking 70% discount to what it last sold for. The 778k sq ft tower at 222 Broadway sold for $150M. The building last sold for $500M back in 2014," Nilesh Shah shared, adding, “Even NYC is seeing massive distress and destruction in values for prime commercial real estate office buildings.”
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In his comment, Uday Kotak said that at ₹16,000 per sq ft, the price of the said New York property is less than half the rate at Mumbai's upmarket Bandra Kurl('')!"
{{/usCountry}}In his comment, Uday Kotak said that at ₹16,000 per sq ft, the price of the said New York property is less than half the rate at Mumbai's upmarket Bandra Kurl('')!"
{{/usCountry}}This comes as real estate prices in India have witnessed a major surge, according to a Magicbricks report. Real estate prices across 13 Indian cities rose a whopping 18.8 per cent on a year-on-year (YoY) basis and 3.97 per cent on a quarter-on-quarter (QoQ) basis in the October-December 2023 quarter, it was reported.