Chinese overseas RE investment could nosedive this year: Morgan Stanley

Chinese overseas real estate investment could fall by 84 percent this year and another 18 percent in 2018 amid a government crackdown on capital outflows, according to a new report from Morgan Stanley. This should concern Manhattan’s real estate market, where 30 percent of deals signed this year involved a Chinese investor, Bloomberg reported. Last […]

Solving NYC’s condo riddle

From the August issue: The breakup of Linda and Harry Macklowe after 58 years of marriage became quick tabloid fodder. With a vast real estate empire and a billion-dollar art collection to divide, one of the more salacious details to emerge from their split was that Harry’s then-girlfriend (and now fiancée) was living at 737 Park Avenue — his condo […]

Rick Rosan’s Oak Tree Residential scores $46.5M loan to close on Brooklyn multifamily portfolio

A partnership between Rick Rosan’s Oak Tree Residential and Management and California’s Avanath Capital Management has secured a $46.5 million loan for the acquisition of an 18-building Brooklyn multifamily portfolio. Metropolitan Commercial Bank provided the financing for the deal, which is slated to close Thursday for a total price of $76 million, or roughly $435 […]

BLDG Management refis the Blake on the UES with $65M loan

BLDG Management refinanced the Blake – the company’s 181-unit rental building on the Upper East Side – with a $65 million loan from Principal Real Estate Investors. The landlord secured the 10-year loan to replace $90 million in debt provided by Column Financial in 2007, the Commercial Observer reported. The loan comes with a fixed […]

Jeff Sutton secures $125M to refi Harlem retail building

Jeff Sutton’s Wharton Properties locked down $125 million to refinance its six-story retail building on West 125th Street in Harlem. JPMorgan Chase and Morgan Stanley provided the financing, the Commercial Observer reported. The financing is comprised of a first mortgage and a mezzanine loan, according to the publication. The loan replaces $102 million in financing […]

NYC spared CMBS wall of maturities fallout – for now

The delinquency rate for New York City’s CMBS market fell in February, while market-wide the delinquency rate continued to rise in the fallout from the so-called “wall of maturities,” dragged down by the office sector in particular. There was a total of $59.4 billion on the New York CMBS market in February, down 3.9 percent […]

BLDG secures $70M to refi UWS rental building

Lloyd Goldman’s BLDG Management locked down $70 million to refinance its rental building on Broadway on the Upper West Side. State Farm Realty Mortgage provided the mortgage for the 26-story property at 2380 Broadway and West 87th Street, according to records filed with the city Monday. The financing includes a new $39.5 million mortgage and […]

Hampshire lands $70M loan for Midwood resi project

Hampshire Properties just pulled off a $70 million construction loan for an apartment building it’s planning for Midwood. Bank Leumi provided the financing for 1277 East 14th Street, a planned 302-unit rental building in the Brooklyn neighborhood, documents filed with the city on Thursday show. Hampshire filed plans for the project in late 2014, calling […]

No bills to build: The construction lending environment is tighter than ever

If you’re a newbie developer looking for financing to build in New York, fuggedaboutit. But uncertainty over a key financing program and a major tax incentive has made it very tricky for even seasoned players to fill out their capital stacks. Much of the tightness springs from the precarious futures of EB-5 and 421a and the […]