I don't think they have many assets on their books, relatively speaking. They lease most, if not all, their property. Neumann took personal loans to buy properties, keep them off balance sheet, and leased it back to wework.

This news came out well before the s1. It's a miracle it took the s1 to get investors to give a damn when there were so many governance issues and conflicts of interest out in the open well before.

they're one of (if not the) largest lessees in NYC (and other cities around the world), with long-term leases. A lot of landlords would have a conniption if these guys went out of business. Would rock the commercial RE market.

I find it hard to believe they are the largest lesee in NYC. They aren't even the largest co-working space rental company (it's Regus, by a landslide).