News
CHAMELEON & CLIMATE CHANGE
August 6, 2009
| With 20 years in the industry, Belkin Burden Wenig & Goldman partner Daniel Altman has seen the ups and downs of the market, so we visited his Madison Avenue office for a take on what he calls a challenging time. In order to survive, you have to be like a chameleon and change with the situation, he says. |
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| That's what enabled the firm to close on one of 1Q’s largest sales, a Garment District mixed-use building for $45M, he says. He also negotiated a deal that helped KMG Partners, owner of a 224-unit Brooklyn garden apartment complex, restructure its debt and avert foreclosure possibility when its original lender agreed to take an equity stake in the property. Not long ago, it would have been unheard of for a lender to take such an equity stake, he says, but today’s economic challenges forced the lender to reassess its position and make a deal. |
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| He hasn’t seen many REO assets yet (perhaps he should look in the fiction section of that library), but says banks may soon start taking back properties; as of now, lenders’ game plans have been to keep borrowers afloat. He’s seen an increase in bankruptcies, especially retailers, restaurants, and small biz owners. On the leasing side, tenants are going for rent reductions and deferrals, with landlords cooperating rather than see vacant spaces. When not counseling clients, Dan’s an avid runner and has completed three NYC marathons. He’s also vice chairman of the Children’s Tumor Foundation, a national not-for-profit dedicated to improving the well-being of individuals affected by neurofibromatosis. |
