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Which Song Are You Listening To?


NightDancer

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Posted (edited)

Mony Mony - Tommy James & The Shondells
(the original.. it's been covered many times since, often by much bigger names like Billy Idol and Tiffany.)

 

(for anyone interested in music trivia or commercial real estate...)

Spoiler

I clicked on this by way of news that the 1740 Broadway CRE deal had closed.  1740 used to be the Mutual of New York building, with a big "MONY" sign at the top that was allegedly the inspiration for the song's title.

For the financially inclined, the building was most recently sold for $186M.  After fees and expenses only about $117M was left.  (And you thought your closing costs were extreme?Prior to that the previous seller got over $600M for the building in 2014.   The $117M wasn't even enough to pay off the senior bondholders, who took a 26% loss on the deal.  Obviously if the seniors took a haircut all the other bondholders were completely wiped out.  😱  My take?  CRE is in deep trouble!
 

 

Edited by efaardvark
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I'm thinking about going to church this Sunday but I'm conflicted about it, for reasons that are basically stated in 1:25 of this song. 

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