This is how the real estate crisis in the USA hit the Otto family

new York When Werner Otto bought his first New York skyscraper on Broadway for $82 million in 1976, it was a bet on a broken city. For only 32 dollars per square meter he took over the building with the newly founded Paramount Group and made one of the best deals of his life:

New York bounced back, real estate prices soared, and in 2020 an investor valued the building at $2.2 billion.

Over the years, the Ottos have purchased numerous prestigious office buildings across the United States. The value of Paramount Group real estate at the end of the first quarter of 2023 was almost seven billion dollars. The Hamburg trading dynasty owns a total of eleven office properties in Manhattan and a further six in San Francisco.