Monument to Wall Street Glory Becomes Just Another Mortgage Loss

Bloomberg, Apr. 19, 2017–Matt Scully, David M. Levitt
Formerly the U.S. trading hub for UBS Group AG, the sprawling office complex is dealing debt investors a $100 million loss years after the Swiss bank cut back its operations in the New York suburbs. AVG Partners, the private equity firm that now owns the property, has bought the defaulted mortgage in hopes of buying time to lease out the complex and, eventually, sell it.