Capstone Equities Buys Nonperforming Loan on Garden City, N.Y., Office Complex
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in November 2026: $6.2B across 32 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Josh Zamir has a new investment in his portfolio. The Capstone Equities founder has purchased the nonperforming loan on Garden City Plaza , a multi-building office complex in Garden City, N.Y., Commercial Observer has…
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