Also the buyer pool has been comprised of a higher-than-normal share of private buyers over the past 18 months.

One building is close to the stretch of Fifth Avenue where Kering SA and Prada SpA recently purchased properties.

Citigroup, J.P. Morgan, and Argentic provided the refinancing while Walker & Dunlop arranged the deal.

Delinquency rate fluctuations in the property type are growing.