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.
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.
