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Poonkulali Thangavelu

Investor Sentiment in the Dumps for 2009
Even as the commercial real estate industry faces one of its worst years in recent times, industry executives are hopeful that the Obama administration’s stimulus efforts could improve the situation later in the year by putting the economy on the path of recovery, according to a January 2009 survey of industry sentiment.
Michigan Retail Property Fetches $31 Million
Ashkenazy Acquisition Corp., a New York-based private real estate investor, has acquired the Northland Center, a 1.7 million sq. ft. enclosed mall in Southfield, Mich., for about $31 million.
Fitch Watching Debt Service Reserves on New York Multifamily Property
In a hint of what lies ahead for 2009, Fitch Ratings reports that the monies held in reserve to cover debt servicing on Stuyvesant Town/Peter Cooper Village, a massive New York multifamily property, have decreased to about $127 million from $400 million at the time the loan was securitized in 2006.
Conditions Remain Cloudy for Apartments
Conditions in the apartment sector continued to be less than favorable, according to the January survey of multifamily industry executives by the National Multi Housing Council (NMHC) based in Washington, D.C.
JP Morgan 2009 Forecast: Watch Prices Fall
Although the current commercial real estate cycle has seen relative supply restraint compared with previous cycles, that won’t be enough to bail the industry out of a deep recession, which is causing demand to fall off more than expected.
Fitch Expects More Large CMBS Loan Delinquencies in 2009
Delinquencies on commercial mortgage-backed securities (CMBS) tracked by Fitch Ratings increased to 0.88% for December, up from 0.64% for November, largely because of defaults on bigger loans.
Legendary Developer Trammell Crow Dies at 94
Trammell Crow, the iconic commercial real estate developer and founder of Dallas-based Trammell Crow Co., passed away on January 14th at age 94.
ICSC Projects a 1.8% Decline in Retail Sales for 2009
A dramatic change in consumer spending emerged in 2008. U.S retail sales for the year, not including restaurant food sales, were down 0.9% from more than $4.053 trillion in 2007.
CBRE: New York Office Market to Suffer in 2009
This year is shaping up to be one of the most challenging years for the New York City office market in more than 20 years, according to Robert Alexander, CB Richard Ellis chairman for the New York Tri-State Region.
ES Group to Offer 1031 Exchange Services
James Brennan, a former vice president with Wachovia Exchange Services, has launched ES Group, a Reston, Va.-based intermediary in the 1031 exchange arena.
Economic Troubles to Catch Up with Commercial Real Estate in 2009
Analysts predict more trouble ahead for the commercial real estate industry as the U.S. economy continues to contract this year and a global recession sets in.
Grubb & Ellis Co-Founder Left Mark on Industry
Harold Ellis, a leading industry figure and co-founder of Santa Ana, Calif.-based brokerage Grubb & Ellis, has passed away at the age of 77 after battling cancer.
Déjà vu: The New York Office Market Feels Like 2001 All Over Again
Not since 2001 has the New York office market been in such bad shape. Taking into account all categories of office space, just over 19 million sq. ft. was leased at the end of 2008, on par with the 18.9 million sq. ft. of space leased seven years ago.
The Apartment Sector Begins to Feel the Pinch
In a year in which the economy was hit by bad news on a number of fronts, the commercial real estate sector reacted with a negative performance in major property sectors.
Student Housing REIT Engages in Financial House Cleaning
Education Realty Trust has received $222 million in funding through a secured credit facility with Red Mortgage Capital, a Fannie Mae DUS lender.
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