The Real Deal New York

$9B in financial distress in NY metro area

April 23, 2009 05:29PM

alternate textJoseph Moinian and 475 Fifth Avenue

The New York metro area has 189 commercial properties valued at $9.16 billion in financial distress, according to a report by tracking firm Real Capital Analytics released today.

The bulk of the real estate is office buildings, which make up $5 billion of the distressed assets, followed by retail properties at $1.6 billion and apartments at $1.4 billion, the report says, which includes data through April 22.

Manhattan is 32nd among United States markets ranked by the amount of distressed assets as a percent of total assets.

The total amount of distressed assets nationally is $86.8 billion.

Some of the properties added to the troubled
asset list includes Peter Moore Associates’ 250 Bowery, Westbrook
Partners’ New York Magazine Building at 444 Madison Avenue and Moinian
Group’s 475 Fifth Avenue.

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