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March 25, 2024

Why Tishman Speyer, Rockrose Say Now Is The Time To Buy Apartments

New Speaker Added: Hear From Lawrence Kwon Of Moelis & Co. At New York Hotel Event April 18

As landlords struggle to navigate New York regulations and as loans backed by multifamily become increasingly at risk, some owners are attempting to make a dash from the asset class before their day of reckoning comes. 

To most, acquiring apartments or building new no longer makes sense since the expiration of the 421-a tax abatement. But during a Bisnow panel Thursday about penciling out multifamily deals in the challenging capital markets environment, developers Rockrose and Tishman Speyer said they are eager to make moves. 

Why Tishman Speyer, Rockrose Say Now Is The Time To Buy Apartments

“I consider the next two years to potentially be some of the best of my career,” Ty Barnes, managing director of affordable and workforce housing at Tishman Speyer, said at Bisnow's New York Multifamily Development and Investment event, held at Convene 225 Liberty St. Last year, just 1,035 properties traded hands…

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Regional Banks' LTVs Have Barely Budged As The Market Has Worsened

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Regional and local banks in the U.S. have left loan-to-value ratios on commercial property loans largely unchanged on average since 2018, even as the CRE market has deteriorated, according to MSCI’s U.S. Capital Trends Report.

The average LTV for regional and local banks was 66.4% in 2023, down just a tick from 66.7% five years earlier, before a pandemic and interest rate hikes brought trouble to commercial property markets. The average LTV across lender types was 62.8% in 2023.

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