RCA in the commercial property press:

West Coast Firm Picking Up Distressed Manhattan Assets

Crain's New York Business reports: Since entering New York City’s high barrier-to-entry commercial real estate market last year, Los Angeles-based CIM Group has been scooping up Manhattan bargains left and right. Its latest New York acquisition – and sixth to-date – was a large debt acquisition backing property at 140 Sixth Avenue.

The firm has employed a strategy many other players are having limited success with: purchasing troubled assets or underwater debt backing property in Manhattan. By buying in at a discount, the firm stands to make a handsome profit at a future date when property pricing returns to growth. Real Capital Analytics’ managing director Dan Fasulo remarked of CIM’s latest trade that, “They are savvy investors making a big bet on Manhattan…They’ve acquired stakes in premiere assets.”

Articles related to this topic:

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 China-Based Shenzhen Takes Second Troubled LA Hotel
 iStar Looks to Dig Out as CRE Values Increase
 Year-End Reporting Confirms Resurgent US Property Market
 SL Green Trades In to Trade Up
 Litigation Pending on Silverstein's 575 Lex in Manhattan
 Special Servicer Moves to Clean Up Distress in New York
 Dr Chandan's Lead Indicator: "Dangers of Decoupling: Don’t Call It a Bubble, But Investment Outpacing Cash Flow"

Posted by: Nina Turner

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