search

The Real Deal Logo

Trending

Major developers are converting South Florida malls into mixed-use projectsMajor developers are converting South Florida malls into mixed-use projectsBushburg buying Rudin’s half-empty FiDi office building for $160MBushburg buying Rudin’s half-empty FiDi office building for $160MPrada buys retail condo on Billionaires’ RowPrada buys retail condo on Billionaires’ RowCrunch Fitness founderDoug Levine sells three Wynwood buildings for $25MCrunch Fitness founderDoug Levine sells three Wynwood buildings for $25M
New York

For office landlords, harder to tell who’s healthy

Sign Up for the undefined Newsletter

From the February issue: Until about 18 months ago, New York City office building owners didn’t have to worry too much about their tenants’ ability to pay rent. For financial service companies, law firms and retailers, the money was flowing in and their demand for space was strong. Now, of course, the picture is different. Pillars of the American economy — from AIG to General Motors — have collapsed, and it’s difficult for landlords to discern which tenants are truly creditworthy. “The question is: ‘What [is] good credit?'” asked Frank Mancini, executive managing director of Grubb & Ellis. “A year ago, AIG was much more creditworthy. A lot of millionaires had good credit until Bernie Madoff came along and impoverished them.”