Tony InJe Yeo's avatar
Tony InJe Yeo
W Downtown Hotel & Residences (123 Washington Street)

W Downtown Hotel & Residences (123 Washington Street)

123 Washington Street is a Yield-Oriented (At Risk) asset that functions as a high-churn rental factory but a capital destruction vehicle for long-term owners. Post-sponsor analysis reveals a catastrophic trend of negative appreciation, with resale units in 2024–2026 consistently trading 20% to 40% below their 2012–2014 purchase prices. While the building generates reliable rental income with nominal PPSF near $90, the liquidity shift (resale DOM > 130 days) and sponsor price normalization have trapped equity. Opportunity exists strictly for cash-flow investors buying at the new distressed basis ($1,000–$1,200 PPSF), but the asset has failed to capture any of the market growth reflected in the NYXRCSA benchmark.
Tony InJe Yeo's avatar
Feb 19, 2026
Buildings

Welcome to YRE