Part 2/12:
In a surprising turn, the luxury hotel and mixed-use tower known as Block 216—home to the Ritz Carlton, residential units, office space, and retail outlets—was sold back to the lender. Officially, this move is presented as a strategic effort to "strengthen" the property. Yet, beneath that veneer lies the stark reality: the property had been heavily underperforming, barely leased, and facing the threat of foreclosure.