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November 2, 2023

Manhattan Office Availability Dips After Strong October

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Manhattan leasing picked up last month, driving some positive trends for the country’s largest office market.

Manhattan Office Availability Dips After Strong October

Some 2.6M SF of leases were signed during October, marking a 63% jump on the same period last year and well over a 50% increase on September, according to Colliers data.Colliers Executive Managing Director Franklin Wallach said that the increase was tied…

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Fannie Mae Moves To Foreclose On 11 Rent-Stabilized NYC Buildings

Fannie Mae Moves To Foreclose On 11 Rent-Stabilized NYC Buildings

A $72.3M loan on a group of rent-stabilized properties owned by multifamily landlord City Skyline Realty is the subject of pre-foreclosure action by government-sponsored lender Fannie Mae.The agency filed pre-foreclosure actions against 11 City Skyline-owned buildings on Monday after the Douglas Peterson-owned firm defaulted on loans it received…

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BXP Writes Down Asset Values, Modifies Loans As It Seeks To Hold On For Office Recovery

BXP Writes Down Asset Values, Modifies Loans As It Seeks To Hold On For Office Recovery  

As sentiment surrounding the commercial real estate market continues to sour, the largest publicly traded U.S. office landlord still has hope that a recovery is on the horizon.

Boston Properties revealed in its third-quarter earnings report that it took a $272.6M impairment charge due to value reductions for four properties in New York, San Jose, California, and Seattle, and that charge contributed to it reporting a quarterly net loss of $112M. But its executives said it isn’t giving up on those buildings.

“Given the cyclical nature of the real estate business, the value of assets like these will recover in the future when interest rates normalize and corporate economic conditions improve, and we expect to hold these assets through their recovery,” Boston Properties Chief Financial Officer Mike LaBelle said during…

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