In the press sub title
Bridge loans are becoming a new standard as the N.Y.C. property market has gotten so competitive that the need for immediate access to debt has risen greatly. Bridge loans are short-term loans that by definition, is not the type of loan product or origination source, but the use of the loan itself. Bridge loans can
Positive economic trends and growth throughout 2013 and early 2014 will drive hotel revenues higher in 2014. Strong growth in the construction of new hotels in and around Manhattan signifies the forward thinking investor sentiment that the capital markets will remain steady for the foreseeable future, even with the regime change in the Federal Reserve.
The residential sector has exploded across the country, with close to 170,000 class A units coming to market in major metros in 2013, and an additional 220,000 expected in 2014. A vast number of class C assets are expected to be renovated into class A/B, as has been the value add proposition for many national
The retail investment sector is ready to burst, and investment sales brokers agree that there has been a clear rise in requests for suitable retail investment properties. One major driving force behind retail acquisition is the re-born availability to finance large acquisitions of not only single properties but large portfolios of retail-heavy assets. Banks are
Executive of the Month: Berko, president of Berko & Associates: Bringing an investment-banking approach to commercial real estate; growing firm includes city’s top mortgage bankers, investment sales professionals and advisors. New York, NY As an Israeli youngster visiting relatives in the United States, (Yossi) Berko knew he would be a real New Yorker someday. Today,
In their hunt for cheap financing, New York developers are increasingly turning to the Israeli bond market. Last week, the Tel Aviv daily Haaretz reported that the Witkoff Group and the Lightstone Group are considering selling bonds in Israel for 500 million Shekels, or $141.6 million, each. They would follow in the footsteps of Extell,
Healthy activity in construction spending has led to a renewed faith from commercial lenders looking to take advantage of a robust sector in the market. The low cost of capital and fervent return of the CMBS market have both aided in increased liquidity and easier lending, although standards have become much more stringent than before.
Sales of investment grade properties in New York City for the first half of 2013 totaled just shy of $18 billion across all commercial asset classes. This amount represents an increase of approximately 40% year-over-year. The key contributors to the flourishing N.Y.C. sales market: the lack of quality inventory, and the steady access to capital
There seems to be a new standard in the price of development rights in prime New York City locations, and the days of sub-four hundred dollars per buildable foot are long gone from the rear view mirror. Sales for development rights in trendy locations have consistently traded above $600 per s/f. Tough pill to swallow?
In 1968, New York City led the nation as the first major city to implement a tactic to Transfer Development Rights, better known as a TDR program. We all know that air rights can be transferred to an adjacent building, or, from corner to corner (as long as the “Granting” and “Receiving” properties are located