The 1.26 million-square-foot office property at 280 Park Ave. in midtown Manhattan has had its appraised value reduced to $1.03 billion from $1.85 billion in 2017. The property’s owner, a venture of SL Green Realty Corp. and Vornado Realty Trust, only recently negotiated an extension of its $1.08 billion senior CMBS loan.

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