New York City real estate powerhouse led by mother-daughter team Dolly and Jenny Lenz warn San Francisco is now a “disaster” with the housing market.
“It was once the jewel and the crown. San Francisco was our personal favorite city, our clients’ favorite city. The jewel and the crown is a disaster,” Dolly Lenz said.
“Several huge hoteliers have given back the keys to the lenders” the CEO continued. “They just said, You know what, I give up. I paid a billion and a half. You gave me a $700 million loan. I can’t afford to make the payments, and you’re not going to refinance.”
Companies including AT&T, Westfield and Nordstrom are among businesses planning to also leave San Francisco’s downtown area.
Dolly said in San Francisco, “residential is dead, commercial is deader.”
From Fox News:
In June, Park Hotels & Resorts Inc. announced that it stopped making payments on a $725 million loan that secured both its 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco properties and expects to remove them from its portfolio, citing several "major challenges" in the California city.
