Ten distressed apartment buildings in the Bronx and upper Manhattan have sold for $22.25 million.
Amit Doshi of Besen & Associates closed the sale of the mostly walk-up buildings, which contain 239 apartments and 25 stores. The price-per-square-foot was $105. The average rent per apartment for the entire portfolio is $990 a month ($238 per 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
Of late, rarely a day goes by without news of another notable asset or portfolio of commercial investment properties being turned over to a special servicer. Properties have been becoming “distressed” at a growing rate. Distressed assets are those where value has fallen below the amount of debt or which do not have Read More
The Commercial Observer: What’s happening at Brookfield?
Mr. Clark: We’ve just gone through a period of working to both preserve and enhance our liquidity. We’ve been working through some refinancing, and we did a very large equity raise of over a billion dollars. We did a $200 million preferred shared issue. We Read More
Editor’s note: Concrete Thoughts is a new weekly column for The Commercial Observer by Robert Knakal, chairman of Massey Knakal, a leading New York investment-sales firm. This is the first column.
For nearly 18 months now, one of the hottest topics of discussion in commercial real estate has been the status of delinquent loans Read More
Six vulnerable properties of developer Joe Moinian, including the W Downtown, Dwell95 and 180 Maiden. Read More
The Apthorp, Toy Building, 56 Leonard, 72 and 95 Wall, 20 Pine, Worldwide Plaza–they’re troubled. Here’s why. Read More
It’s a trend.
CB Richard Ellis announced this morning that it will join the rush of brokerages vying for the growing advisory business surrounding just what the hell to do with all of these distressed assets likely to be flooding the market sometime soon.
CBRE has dubbed its team the Restructuring Services Group and named Read More
