The 31-story office building at 750 Lexington Avenue in New York City was recently valued at just $41M, 14% of its $300M valuation a decade ago - a $259M haircut. "As of March, expenses have overtaken revenue at the office. Net operating income, which does not include debt service, is in the red at -$744,915, according to Morningstar. Special servicer LNR Partners filed a foreclosure case against the property last summer and won summary judgement last month. Cohen failed to pay taxes on the property, provide financial statements, and certify that his net worth and liquidity have not fallen, LNR said in its complaint. The servicer is pursuing foreclosure at the same time as it tries to work out the loan with the borrower, according to information provided by Morningstar." -therealdeal #CommercialRealEstate