The Real Deal New York

From the April issue: Since the woes of the credit market accelerated last summer, multifamily and office building deals in Manhattan’s commercial market have come to a near standstill. But while Wall Street takes a breather from financing the city’s biggest deals, savings and loan banks and insurance companies that financed smaller deals in the past may be stepping up to the plate. Large mortgage-backed securities from Wall Street are being shunned, at least for now. As a result, the city’s Harry Macklowe-size developers are saddled with debt and desperate to refinance nine-figure properties. And prospective buyers in the market are running into a severe lack of liquidity.