Quiet Deal of the Week: Washington DC Apartment Building Note Portfolio For Sale
March 2, 2010 by Neil · Leave a Comment
Washington D.C. apartment building note portfolio for sale – 200+ units.
This is a new off-market portfolio of apartment complex notes in Washington D.C. – different from past Washington D.C. apartment building note portfolios that we have marketed and sold.
The portfolio is for mortgage notes on multifamily properties.
This apartment building mortgage portfolio deal is only [...]
Is Anyone Really Calling the Bottom in New York City Multifamily?
February 1, 2010 by Neil · Leave a Comment
Multifamily values have not bottomed out because: (1) vacancies will continue climbing; (2) rents will continue declining; (3) interest rates have not yet crept up; (4) many loans have not depleted their interest reserves (Hat tip: Reuters). Add to this mix the growing numbers of unemployed and underemployed. More people remain unemployed long-term than at any [...]
NY to Atlantic Yards Developer: Finish By…2035?!
February 1, 2010 by Neil · Leave a Comment
What will happen by 2035?
Muslims will outnumber Christians in Britain.
China will surpass the U.S. economically.
Jerusalem will lose its Jewish majority, if those predictions are accurate.
In addition, 2035 is also the deadline the City and State of New York have given to Forest City Ratner to complete the Atlantic Yards project.
In the event that developer Bruce [...]
Which New York City Multifamily Developer Heads To Prison For 4 Years? (Hint: It’s Still Not Sam Chang)
January 28, 2010 by Neil · Leave a Comment
Manhattan developer Michael Hershkowitz was sentenced to four years in prison and ordered to forfeit $27.2 million for his role in a Ponzi scheme involving fraudulent loans secured by nonexistent mortgages.
Prosecutors had alleged Hershkowitz and others induced about 70 individuals to lend more than $27 million to Kingsland Group Inc., purportedly to fund the renovation [...]
Apartment Vacancy Rates & Apartment Rent Rates: New York City & Long Island
January 28, 2010 by Neil · Leave a Comment
As vacancy rates increase, rents should drop. Right? Not exactly, according to the latest data from REIS.
If the relationship was inverse, as expected from the data, then the lines would more definitively approach a V- or an X-shape.
In 4Q 2009, NYC rents dropped another 0.7%, while the vacancy stayed firm from the previous quarter, at [...]
Quiet Deal of the Week: Upper West Side Apartment Building For Sale
January 25, 2010 by Neil · Leave a Comment
Upper West Side apartment building for sale, New York, New York
This is a walkup brick apartment building for sale on quiet, leafy street, between two major avenues.
Mixture of one- and two-bedroom units in this prewar Upper West Side apartment building for sale.
Many of units in this Upper West Side Apartment Building for sale are [...]
How May Stuyvesant Town Cause Tishman Speyer To Lose Millions More?
January 23, 2010 by Neil · 1 Comment
Gramercy Capital Corp, the most junior lender in the 2006 purchase of Stuyvesant Town/Peter Cooper Village, has asked CWCapital, the special servicer for senior lenders of $3 billion in commercial mortgages behind the deal, that co-owner Tishman Speyer be replaced as manager of the huge Manhattan apartment complexes.
A majority of other mezzanine lenders — which [...]
How Has Stuyvesant Town Affected Harlem Apartment Buildings?
January 21, 2010 by Neil · Leave a Comment
A group of tenants at Lenox Terrace, an apartment complex in Harlem, filed a lawsuit against the apartment complex’s ownership, a partnership lead by the Olnick Organization. The tenants claim that the owner illegally raised rents at the six-building Harlem complex, which houses, among others, Gov. David Paterson and Congressman Charlie Rangel.
Since Rangel’s apartments are [...]
More Bad News For New York City Multifamily Operator
January 18, 2010 by Neil · 3 Comments
New York multifamily operator Larry Gluck’s Stellar Management is in trouble again.
Larry Gluck’s Stellar Management purchased the Riverton Houses, consisting of 12 13-story buildings totaling 1,230 units in the Harlem section of New York City, for $131 million in August of 2005, with a $105 million loan and $26 million in equity. In December of [...]
What 4-Story Flushing Apartment Building Had Its Air & Light Cut Off?
January 18, 2010 by Neil · Leave a Comment
In the College Point section of Flushing, Queens, apartment building residents at 14-21 College Point Boulevard awoke to discover a wall erected that cuts off their light and air.
Next door neighbors at 14-17 College Point Boulevard, a three-story, four-family, mixed use building, took the initiative for this four-story erection.
Residents at 14-21 can easily touch the [...]
