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Still pretty surprising. Buildings often go up in value over time and it's often the building that gets more appreciation than vacant lots. NYC is a special case, however, because land is so scarce in Manhattan. It's also frequently the case in NYC that different parties own the land than the building.

The building underwent a a $76M renovation in 2021. So, this is absolutely a huge loss in value.

Insane that building gets depreciated in the balance sheet

nah, its super normal in RE and the source of a lot of tax advantage

What is insane about that? Nothing lasts forever.