Lawmakers approved a pied-à-terre tax. Now comes the hard part.

Overseas lenders and EB-5 investors reportedly took big losses at 1 Willoughby Square, Brooklyn’s tallest office tower, highlighting stress in office real estate financing. The piece points to significant capital impairment for foreign lenders and private investors tied to the property. While highly negative for the specific deal, the broader market impact is likely limited.

Analysis

Overseas lenders and EB-5 investors reportedly took big losses at 1 Willoughby Square, Brooklyn’s tallest office tower, highlighting stress in office real estate financing. The piece points to significant capital impairment for foreign lenders and private investors tied to the property. While highly negative for the specific deal, the broader market impact is likely limited.