Pair of Manhattan Offices to Sell for 68% Discount to 2017 Price

Two Manhattan office buildings are trading hands at a steep discount as lenders look to cut their losses.

Empire Capital Holdings agreed to buy the properties — at 229 W. 36th St. and 256 W. 38th St. — for less than $50 million, according to people familiar with the matter. That price would be at least 68% below the roughly $157 million the buildings last sold for, in 2017.

The deal was a short sale, meaning owner Investcorp and lenders agreed to sell the properties for less than the outstanding amount on the mortgage, the people said, asking not to ...