W Hotel, 123 Washington, Downtown Condos

This building doesn't look like it's holding value. Is it location / downtown? Jolie at 77 Greenwich looks under $2K Is it a tacky building? Is it mostly because it was investor owners and then a lot of renter occupied? The above also means that there probably hasn't been renovations, so a lot of wear and tear from renters? Or maybe the opposite from absentee tenants Is it because of the tax abatement having run out, so a good portion of the historical value was the discount on taxes which value has now depreciated to zero? Even still, it's now at fair value for normal taxes, and valuations are lower relative to others. Thanks