This Week in Comments

TRD New York /
Aug.August 07, 2009 02:23 PM

Fortress buys Sheffield57 at auction for $20M
1. Swig and Fortress pulled it off. I don’t believe it. Well done to these folks — way to pull a rabbit out of a hat.
2. This deal is a milestone because it will lead to a massive decrease in residential real estate prices in New York City. Fortress has a low basis, sufficient capital, and a long enough time horizon to make money selling units for $400 per square foot.

Are your commissions being reduced? If so, by how much?
1. All the brokerage companies are slashing the broker’s split on the commission.
2. Commissions? On what? I’m not doing any deals.

Graybar Building gets $145M refinancing
And people say there is no financing available. Nonsense.

Williamsburg inventory predicted to double
The simple fact of all of this is that whoever has bought anything in Williamsburg, is now likely underwater. Prices are falling fast, and NY is always, always behind the curve of the nation. What they saw last year we will see late this year and [in] 2010.

Trying to sell out in Long Island City
Most of the buildings in LIC can get mortgages from the big boy lenders. If the purchaser qualifies for a loan in Manhattan he will get a loan in LIC.

The best and worst deals
Tishman Speyer is praying they will lose the “illegally deregulated” court case come September. It’s the only way they can get out of owning the property without admitting they made some pretty egregious projections. I’m sure they will try to re-write history and try to blame/sue MetLife.

Investors defaulting to make money
It’s not called “strategic” default — it’s called stealing.


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Jay Martin, James Whelan and Joe Strasburg

Rent-pocalypse 2.0: Real estate industry reacts to tenant demands

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

Daily Digest Thursday

Legislation introduced to protect tenants in ‘keyless’ buildings, Compass pushes back against WeWork comparison: Daily digest

Ben Carson on how Opportunity Zones are unlike red and black ants: TRD Miami Showcase & Forum

32BJ SEIU President Kyle Bragg (Credit: Facebook, iStock)

32BJ expects fight with real estate industry over contract renewal

arrow_forward_ios