How Some NYC Neighborhoods Could Use City Of Yes To Get Long-Awaited Upgrades

Tishman Speyer’s mixed-use redevelopment of a project that includes  Downtown Brooklyn’s Macy’s store and more than 600K SF of office space has secured a $301M refinancing deal.  Starwood Property Trust provided the new financing, The Real Deal first reported. That is the same…

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This week saw three religious organizations involved in leases, and multifamily dominated the week's financing deals, although few significant sales took place.

TOP LEASESThe Church of Jesus Christ of Latter-day Saints has signed for 40K SF at 245 W. 77th St., West End Collegiate Church’s historic Upper West Side church building, according to a release. The landlord and the tenant will cohabitate on the property, with their own dedicated…

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While many in commercial real estate are waiting with bated breath for the Federal Reserve to lower interest rates and inject life into a struggling market, one investor thinks CRE is in for a rude awakening come Sept. 18 when the Fed is expected to make the first of several hotly anticipated rate cuts. 

That investor is waiting to clean up the damage.

“The broader problem is that people are waiting. It's like a mirage,” said Adam David Lynd, president and CEO of Texas-based The Lynd Group, which has invested $2.8B in multifamily real estate across four funds over the past two decades.

“They think there's water, and they're going to keep walking towards lower interest rates. And when they get there and they are lower, they're going to find out that that's not even the real culprit.”

The real culprit behind distress, specifically in the multifamily sector, is that rents are flattening or declining in many markets while operating expenses are skyrocketing, Lynd said. When expenses like insurance rates and taxes rise, they rarely reverse course and go back down, even in a lower-rate environment, he added.  Based on this…

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