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NYC Apartment Lending under pressure
It looks like NYC commercial market may be under pressure after a long period of favored growth and development.
clipped from www.reuters.com

Trouble in NYC commercial mortgage market-Barron’s

NEW YORK, Sept 7 (Reuters) – A handful of Manhattan apartment deals appear to
be potential trouble spots for the U.S. commercial mortgage market, according to
Barron’s.

 

Banks have restricted lending as the credit crunch has tightened over the
past year-and-a-half, putting pressure on the U.S. residential home market, but
leaving the commercial real estate market relatively unscathed, Barron’s
said.

 

But some Manhattan deals are causing concern, the weekly said.

 

Barron’s said the Stuyvesant Town and Peter Cooper Village complexes, bought
at the height of the market for $5.4 billion in 2006 by Tishman Speyer and
BlackRock Realty Advisors was the “most prominent trouble spot.”

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