Hundreds of NY properties in danger of failure
Wednesday, December 17, 2008
Source: Crain's
Crain's reports: As the city’s commercial real estate market continues to cool, many opportunistic investors are biding their time, watching to see whether prices will come down. But bargain-hunters may not have to wait much longer, according to a report released Wednesday by trend-tracking Real Capital Analytics.
In the New York metro area, there are already 32 commercial properties in distress. Those buildings, valued at $3.4 billion, belong to owners who have either gone bankrupt, defaulted on their mortgages or put their property in foreclosure. Another 236 properties, valued at $8.6 billion, are potentially troubled, according to the study. That means the buildings are only solvent by a slim margin and that a major tenant filing for bankruptcy could push the property over the edge.
“If there’s a hiccup in the chain of revenue, or any other event, that just makes them more vulnerable,” said Peter Slayton, editorial director of Real Capital’s reports.
View the full article on Crain's: Hundreds of NY properties in danger of failure
Posted by: Nina Turner