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Yes I found that article most interesting too. It reminds me of the old bank joke (updated for current values).

You go into your bank very worried because you owe them $10,000,000 which you cannot pay. After much negotiation you are thrown into bankruptcy.

You walk into your bank owing them $1,000,000,00 which you cannot pay. You are very confident. You get to see the CEO. The first thing you say is, "Hello partner."

This is the history of NY Commercial real estate over and over again. Overextend and in all likelihood things will be worked out eventually. The only multi billionaire real estate people that I can recall getting into real trouble were the Reichmans, who developed Canary wharf anew in an out of the way part of London. They lost. Had they been able to hold on they would have done very well.

I suspect that the Macklows have enough smarts and sufficient clout to keep the ship afloat even though it may be deep in the sea and taking on water. Their situation is not at all analogous to REITs, even top ones like Thornburg who are only intermediaries and are not concentrated in one area. It seems to me unlikely that any creditor is going to foreclose on a prime chunk of NY City real estate and devalue all the other commercial real estate.
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