The Real Deal New York

Underwater loans put pressure on owners

By Adam Pincus | February 10, 2009 11:29AM

Investors who bought multi-family properties in Manhattan and Queens in recent years with the expectation that the apartment values would rise are in danger of losing their buildings. The portfolios are not generating enough income to pay for the mortgages, so the owners or other investors must begin to make up the difference, as well as consider other ways to restructure the loans. Click above to watch as Real Deal reporter Adam Pincus talks with Tom Fink at Trepp and Benjamin Dulchin at Association for Neighborhood and Housing Development about how securitized loans written for properties such as Peter Cooper Village-Stuyvesant Town on the East Side and the Savoy and Riverton Houses in Harlem might be worked out. This is the second in a two-part Web series on troubled multi-family portfolios.

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