Commercial Real Estate Financing Becomes Needle in Haystack
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
It is getting increasingly difficult to secure financing for commercial real estate, and the crisis in the credit market and dislocation of the capital markets is having a dramatic effect on investment sales.
Through the second quarter of this year, sales activity for Manhattan properties worth at least $10 million dropped 59%, to $13.8 billion, compared with the period a year ago, according to a report by the New York Capital Markets Group of Cushman & Wakefield released last week. The sales volume would have been considerably lower if the sellers didn’t provide financing for at least 40% of these transactions.
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