Brokerages’ new distressed teams tested

New York /
Mar.March 12, 2009 05:15 PM

From the March issue: Over the past several months, the city’s real estate brokerage houses have mounted their efforts to harness the woes of New York’s commercial real estate market by creating and expanding distressed debt teams. The aim of these teams is to take advantage of what has quickly become a dire situation by managing and selling both distressed properties and loans. Last fall, CB Richard Ellis set up its own “restructuring services” group, which is being headed up by Spencer Levy, a senior managing director of capital markets. Additionally Jones Lang LaSalle, Colliers ABR, and Cushman & Wakefield, among others, have all announced the establishment of their own teams or are expanding already existing ones. Due to their recent entry into this field — which is already populated by a number of seasoned firms — the mettle and expertise of these newly formed distressed debt teams have yet to be tested. But with the volume of loans being offloaded by banks expected to skyrocket in the coming months, that is about to change.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Susan Rice (Getty, iStock)
Susan Rice to co-chair home appraisal inequity task force
Susan Rice to co-chair home appraisal inequity task force
Rep. Alexandria Ocasio-Cortez and President Joe Biden (Getty)
Tenant advocates frustrated with Biden’s eviction response
Tenant advocates frustrated with Biden’s eviction response
Atlas Hospitality Managing Member Raj Guru and Vinod Chand with 711 Seventh Avenue (Atlas, Google Maps)
Atlas plans 401-room hotel at 711 Seventh Avenue
Atlas plans 401-room hotel at 711 Seventh Avenue
Social Construct's co-founders Ben Huh and Michael Yarne (iStock)
Proptech startup Social Construct shutting down
Proptech startup Social Construct shutting down
Dumped by Macklowe and Churchill, Core Real Estate demands fees
Dumped by Macklowe and Churchill, Core Real Estate demands fees
Dumped by Macklowe and Churchill, Core Real Estate demands fees
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...