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From the June issue: Here is a quick test for the entrepreneurially inclined: Open the front door of your apartment, peer down the hallway, and then take a slow, observant walk up to the roof. What exactly do you see? For most, the answer will be dusty linoleum, mass-produced Swedish light fixtures or, for the unfortunate few, a rickety staircase. A select few, however, will see revenue — possibly tens of thousands of dollars — that could help fill the coffers of their co-ops or condominiums.
When a building on Spring Street and Sixth Avenue was torn down a few years ago and turned into a parking lot, a neighboring co-op with its exterior wall newly exposed to the street saw an opportunity. The shareholders of the co-op got together and decided to sell their newfound space to advertisers. The result: $40,000 a year in additional revenue. [more]

When Washington issued new rules three weeks ago to facilitate the
modification process for troubled securitized loans, some leaders in
New York’s commercial real estate industry quickly took notice. But anyone hoping to see immediate help for struggling property owners
will be disappointed, experts who track commercial mortgage-backed
securities say. “I think it is premature. [The changes are] really just giving people
the opportunity to enter into negotiations,” said Tom Fink, senior vice
president at Trepp, a firm which tracks commercial mortgage securities.
“Whether it is going to make a difference on any of the loans in New
York City, it is too early to tell.” At a real estate panel last month, Robert Freedman, executive chairman
at commercial firm FirstService Williams, told the audience that the
changes were a positive development. “We will be hearing a lot more about it,” he said. The new rules issued by the Internal Revenue Service Sept. 15 allow the
special servicer to alter loans in CMBS pools under broader
circumstances than before. [more]