The sale of distressed property notes, especially in the under the $10 million range in New York City, have seen an uptick recently, Crain’s reported. David Schechtman, a broker with Eastern Consolidated, said he has been selling about two notes a week since the beginning of the year, and thinks the increased interest is because investors are less skittish now. He also said he expects “more notes to pour onto the market,” according to Crain’s.
Robert Knakal chairman of Massey Knakal Realty Services said he has also seen an increase in banks and other lenders interested in selling distressed notes. [Crain’s]