New York Commercial Modification
Loan Modification For New York Commercial Property Owners.
Property Types:
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Apartments
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Raw Land
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Strip Malls
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Shopping Centers
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Office Buildings
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Agricultural
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Construction
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Mobile Home Parks
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Apartments
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Raw Land
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Strip Malls
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Shopping Centers
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Office Buildings
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Agricultural
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Construction
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Mobile Home Parks
New York Commercial Real Estate News:
NY Times - Friday, January 8, 2010
"I have been in the business for 12 years. I have never seen it this bad," Peter Von Der Ahe, vice president of investments for the brokerage Marcus & Millichap, said of New York City's commercial real estate market. According to more veteran colleagues, he said, things have not been so dire since at least the early 1990s.
And that is not the most sobering assessment. "It hasn't hit bottom," Mr. Von Der Ahe added. He is not alone. More than half a dozen experts on commercial real estate in New York City said that despite some flickering signs of economic recovery here and elsewhere in the country, the universe of big buildings and giant apartment complexes has further to tumble. Rents, they say, will go lower. Vacancy rates are likely to rise, too. Owners of troubled properties will face a final day of reckoning and in some cases lose their properties.
"We're projecting the biggest value losses in the nation," said Aaron Jodka, a senior real estate economist at Property and Portfolio Research, a Boston-based independent real estate research and advisory firm. He predicts that by 2011, the value of New York metropolitan area office buildings will decline by 58 percent from its late 2007 peak. It is already down 40 percent.
Some experts point to the bright sides of a down market — for example, the opportunity to snap up some great bargains. They say that investors who already have been shopping in London for skyscraper deals may set their sights on Manhattan later this year to find deals, and that may fuel some growth in overall sales. Some New Yorkers, especially businesses who have found the market too costly, also may find some deals."A correction might give opportunities," said Jonathan Bowles, director of the Center for an Urban Future, an independent research group. "I think it's healthy for the city's real estate market to have a down cycle."
But most members of the real estate industry are lockstep in their pessimism, and the reasons are multiple: Jobs must recover first to fill offices with workers, and job growth in New York City has been all but invisible. Many buildings are also tied up in complex financial arrangements that could take years to unravel.
Robert Bach, chief economist at the real estate brokerage Grubb
& Ellis, compares recovery of the commercial market — which includes
everything from office towers to rental apartment buildings to retail
space — to turning a big ship around. more...
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NY Times - Friday, January
8, 2010 There are 920 football fields of available office
space in Manhattan. More than 180 major buildings totaling $12.5
billion in value, from Columbus Tower at 1775 Broadway to the office
tower 400 Madison Avenue are in trouble, meaning in many cases they
face foreclosure or bankruptcy, or have had problems making mortgage
payments. Rents for commercial office space fell faster over the
past two years than in any such period in the last half
century. Chester Higgins Jr./The New York Times more... Do you own a commercial building in New York?Get expert help to modify your commercial mortgage on your New York property. These are complex transactions and require a high degree of specialization. We have assembled a team of experts to help you identify the possible scenarios that will allow for a positive outcome and avoid foreclosure.
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