Office properties anchor New York’s CMBS market in Q1

New York’s CMBS market continued to buck the twin national trend of increasing delinquency rates and weak office markets, during an active first quarter. New York saw a total of $1.4 billion in new issuance, $901 million of which was backed by office properties. There...

Litigation holds up refi at Sitt Asset’s 2 Herald Sq.

Ongoing litigation at the Sitt brothers’ 2 Herald Square is making it difficult to refinance a $250 million loan on the property that was set to mature on April 11. The 10-year CMBS loan, provided by Wells Fargo to Sitt Asset Management, was extended for six months,...

NYC multifamily deal volume hit a 5-year low in 2016

The number of multifamily transactions in New York City reached a five-year low in 2016, while prices increased significantly in the outer boroughs, according to the new year-end report from Ariel Property Advisors. Queens in particular outdid its 2015 metrics in both...

NYC multifamily sales hit 8-month high in November

The New York City multifamily market reached an eight-month high in November, with six large transactions—priced at $100 million or above—accounting for 77 percent of the month’s activity. Overall, New York City saw 34 transactions totaling $1.68 billion in November,...

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