the lead indicator
Underpinning gains in transaction activity, credit markets have eased significantly over the course of the last year. In Manhattan and other gateway markets, a surfeit of lenders now compete for opportunities to finance acquisitions of prime assets and to refinance maturing debt.
This marked shift in borrowers’ access to credit has facilitated a critical Read More
Not long ago Burger & Barrel opened in Soho offering $25 truffle burgers as if the Great Recession were already over (or perhaps it never began). But reality comes roaring back, with news that lenders have sought to foreclose on the restaurant’s home and are marketing the loan for $8.5 million, The Observer has learned. Read More
One of the Upper East Side’s first condo-ops has secured a $24 million senior underlying co-op mortgage and a $1 million unsecured line of credit
The Royal York, near York Avenue between 63rd and 64th streets, has received a seven-year financing with a fixed-rate of 3.96 percent. The loan, provided by a local savings bank, Read More
Loans on a stalled development site are being sold to investors with an appetite for four slices of the United Nations submarket.
The current owners had considered moving air rights from the two 45th Street properties to the two on 44th Street, offering nearly 75,000 square feet of potential development in a prime area for hotels Read More
The volume of distressed-asset sales nationally in 2010 has nearly tripled from the first half of last year, driven primarily by an increase in sales by bank lenders. For distressed-asset investors who have been stymied in their efforts to deploy capital in the acquisition of troubled properties, this is welcome news. To the Read More
When It's Not Your Money
In one of the biggest commercial mortgage-backed security deals in New York during the Great Recession, the retail condominium portion of the Barney’s flagship store at 660 Madison Avenue will be refinanced to the tune of $100 million. The loan was arranged by Meridian Capital Group, LLC for landlord Flagship Partners LLC, which owns floors Read More
Residential mortgage rates are inching up. Freddie Mac reported on Thursday that rates for 30-year fixed-rate conforming mortgages had climbed to an eight-month high of 5.21 percent, up from 5.08 percent a week earlier and a low of 4.71 percent last December. Because conditions in the housing market remain fragile, the rise in Read More
Moody’s report scratches the surface of how bad it has yet to get in one of New York’s biggest industries. Read More
As a thunderstorm raged outside, the mood of dozens of real estate investors at Wednesday’s Distressed Investing Leaders Forum at One World Financial Center was that of general gloom.
“The most optimistic thing I heard today is we won’t be like Japan. It won’t be 20 years,” said Jan Jekielek, the Epoch Times’ director Read More
The delinquency rate on loans related to commercial mortgage-backed securities jumped 580.43 percent from 2008. Read More