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New York

Commercial market shifts to debt sales

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The commercial real estate market has shifted from property sales
toward the purchase and sale of debt, where the loan, rather than the
actual real estate, is on the market. One example is the $200 million
mortgage for sale for the Drake Hotel site between Park and Madison
avenues and 56th and 57th streets. Developer Harry Macklowe, who
purchased the property nearly three years ago, defaulted on his loans,
and bidders are now competing for the mortgage note.