UBS has washed its hands of its football field-size trading floor in Stamford, Conn. — once the largest in the world.
The trading floor was a sign of the Swiss bank’s largesse during the pre-crisis era, when it housed more than 5,000 traders in its 712,000-square-foot building.
But after a decade, the massive trading floor was mostly empty because the bank moved its dwindling number of traders to cheaper offices in Manhattan.
Up until recently, UBS had been paying off a mortgage on the space, which was actually owned by a private equity group called AVG Partners, Jim Fagan, managing director at Cushman & Wakefield, told The Post.
In Wall Street’s traditional fashion of slicing up financial assets, it sold off the mortgage to CWCapital Asset Management, a Maryland finance company.
But UBS had stopped paying the loan, putting the mortgage in default — and depriving investors of $100 million, according to Bloomberg, which first reported the story.
UBS, CWCapital and AVG declined to comment.