Commercial financing is hard to find

Financing for commercial real estate is becoming increasingly difficult to secure. As a result, investment sales activity for Manhattan’s commercial properties worth at least $10 million fell 59 percent in the second quarter, compared to the same time last year, according to brokerage Cushman & Wakefield. Foreign investors purchased many of the assets. Loans covered an average of 50 to 70 percent of building values this year, down from 70 to 90 percent in 2007.