The Real Deal New York

Amid increasingly frequent warnings of an impending commercial real estate crisis, the Obama administration has taken steps to prepare for government action. The effort will involve two key components: one, lessen the burden on lenders when loans come due — and many, ultimately, default; and two, keep all those overleveraged buildings from “falling into disrepair” when they foreclose. Recent data suggests that this strategy couldn’t come any sooner for New York City — a Deutsche Bank report said that two thirds of mortgages in CMBS that will mature in 2018 may default because they may not qualify for refinancing.