Commercial defaults rise in first quarter

Delinquent commercial real estate loans increased by 43 percent to $65.9 billion in the first quarter of 2009, up from $46 billion at the end of 2008, according to data from Real Capital Analytics. Throughout the U.S., 3,678 commercial properties are labeled as being in distress. The New York metropolitan area has $4.2 billion in distressed commercial real estate, one of 11 metropolitan areas with more than $1 billion worth of distressed commercial assets. Troubled properties on Real Capital Analytics’ New York list include the Nobu Hotel and Residences and Sheldon Solow’s planned East River development.