RCA: NYC Distress Tops $9 Billion
Globe St. reports: Although it may not be the metro area’s proudest distinction, New York City just edges out Las Vegas as the nation’s leading market for distress by dollar volume when Long Island dollar totals are included, according to data released by Real Capital Analytics. The total volume of distress for Manhattan, the outer boroughs and Long Island reached just under $9.7 billion in June, about 9% of the US total of $108 billion. That compares to about $9.4 billion for Vegas, with New York City itself cracking the $9-billion barrier last month, RCA data indicates.
However, RCA ranks the outer boroughs and Long Island in fifth place among US markets in distress measured as a percentage of total property investment volume. Notwithstanding Manhattan’s high dollar volume for distressed assets--slightly less than $8 billion--it’s ranked in 32nd place among metro areas, due to the sheer density of the market.
As might be expected, Vegas vaults to the top of that list, followed by Detroit. For that matter, Manhattan comes in well below Southeastern tertiary markets in the rankings, although the dollar volumes for distress in Manhattan and outlying Southeastern markets are within a few million dollars of one another. However, it ranks higher than Los Angeles--36th place, despite the nation’s second largest city having the largest number of distressed assets--263, compared to Manhattan’s 120.
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Posted by: Mark Alferman