Commercial, multifamily mortgage debt spikes to $4.45 trillion “MBA’s quarterly report showed a 1.6% increase in commercial/multifamily mortgage debt outstanding, hitting $4.45 trillion at the end of the third quarter. Multifamily mortgage debt accounted for $1.93 trillion of the total figure, up by 1.9% or $36.1 billion from the previous quarter.” (MPA)
Demand for design services continues to slow “The pace of decline during November accelerated from October, posting an Architecture Billings Index (ABI) score of 46.6 from 47.7 (any score below 50 indicates a decline in firm billings). The pace of inquiries into new projects slowed, but remained positive with a score of 52.0, however new design contracts remained in negative territory with a score of 46.9.” (AIA)
CRE Firm Operated As $650M Ponzi Scheme Signs Consent Order To End Fraud Investigation “The New Jersey Bureau of Securities issued an administrative consent order for NRIA on Dec. 8, ending its investigation into the company without punishment as long as it abides by the terms of a cease-and-desist order and does not engage in any securities trading, according to court documents.” (Bisnow)
Pandemic Loans Are Coming Due but Some Businesses Aren’t Ready to Repay “Now after several deferrals, the bills are coming due. For 1.2 million Covid disaster loans, the first payments are due this month; another one million loans enter repayment in January. Borrowers began repaying 427,000 loans in October or November.” (The Wall Street Journal)
How one large NYC office owner is building an apartment portfolio “AmTrust will add units in a variety of ways. After building The Amberly Residences, it is currently weighing whether to convert an office building overlooking the Hudson River in Westchester County, New York, to apartments and has designs on more acquisitions.” (Multifamily Dive)
Musk Shakes Up Twitter’s Legal Team as He Looks to Cut More Costs “To cut costs, Twitter has not paid rent for its San Francisco headquarters or any of its global offices for weeks, three people close to the company said. Twitter has also refused to pay a $197,725 bill for private charter flights made the week of Mr. Musk’s takeover, according to a copy of a lawsuit filed in New Hampshire District Court and obtained by The New York Times.” (The New York Times)
NYC’s Perfect Storm: Rent Stabilized Opportunities In The Face Of Mortgage Resets And Maturities “Sharply higher interest rates combined with the impact of the regulation have resulted in a decline in valuations. Most vulnerable are the approximately 795 rent stabilized buildings with 41,000 units acquired between 2016 to 2019 before HSTPA was passed, according to an Ariel Property Advisors analysis of sales of New York City buildings with over 10 units. The HSTPA regulations (summarized at the end of this article) essentially pulled the rug out from under the owners of these buildings, who had counted on the ability to renovate and improve often long-neglected apartments and buildings and offset their investments with appropriate rent increases.” (Forbes)
New York Panel Unveils New Vision to Revive Manhattan “The 158-page plan, released Wednesday by a group convened by New York Mayor Eric Adams and Gov. Kathy Hochul, includes a pedestrian promenade around Grand Central Terminal that connects with expanded green space along Park Avenue, running north from the commuter rail hub.” (The Wall Street Journal)
Rental housing pipeline shrinks 68% in 3 months “The drop is in part because the 421a property tax break for multifamily development in the city expired June 15, which triggered a rush of filings. The 689 in the first quarter were the most in a quarter since 2014, which, not coincidentally, was just before the previous version of 421a expired.” (The Real Deal)
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
