The John Hancock Tower was bought Tuesday for about $660 million at a foreclosure auction in New York City.

That’s about half of what it cost a little more than two years ago.
http://news.yahoo.com/s/ap/skyscraper_auction

December 29, 2006
N.Y. FIRM BUYS HANCOCK TOWER (BOSTON GLOBE)
A real estate executive briefed on yesterday’s deal said the Hancock portion of the deal brought about $1.3 billion, …

In 2003, Beacon Capital, led by chairman Alan Leventhal, bought the Hancock complex that includes the 60-story tower for about $910 million.

“I know a lot of the investors, and they’re all thrilled,” said Rob Griffin, president of Cushman & Wakefield of Massachusetts Inc., a real estate firm that helped market the Hancock properties.

Griffin recalled that some in the industry thought Beacon Capital had overpaid when it bought the Hancock complex. But, “Now, because vacancy is starting to slip to 5 percent and below, rents are starting to rise at a much faster rate, so I think there’s still room for these properties to grow some more,” he said.
http://www.broadwaypartners.co…..news_id=72

Broadway Partners: A number of key investors (both debt and equity) have participated with Broadway in multiple transactions. The firm’s equity partners represent a cross section of both domestic and international institutional and private investors. Lenders have included most of the world’s largest financing institutions.

Broadway Partners follows a disciplined investment and management process in order to minimize risk while maximizing investor returns.
http://www.broadwaypartners.com/investors.php?

To recap: in 2003 $910M, 2006 $1.3B, 2009 $660M on a foreclosure. Where did $1.55 Billion go? (I know some of the $910 went to payoff an existing mortagage, assume all of it went for that still have $660 million left.)

Nobody saw it coming….effin crooks…banksters drive Mercedes, the rubes drive Chevvies and GTO’s.

Rahm takes lots of leaks. (Yes, I did mean to type that.)