Trophy buildings tumble in the bust

August 26, 2009 09:19AM

The New York Observer looked at how the values of New York City’s 10 priciest office towers have shifted since spring 2007. At that time, real estate professionals surveyed agreed that the GM Building at 767 Fifth Avenue was worth at least $4 billion. Today, based on its reported income, the building is worth between $1.9 billion and $2.6 billion. Overall, the value of trophy office buildings, Including 9 West 57th Street, Rockefeller Center, 200 Park Avenue and One Bryant Park, has fallen between 25 and 60 percent.

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