The commercial building sales market is facing a perfect storm of challenges: from inflation and the new work-from-home normal, to interest rate hikes and a dearth of financing.
Financing issues recently tanked an $855 million deal for the HSBC building at 452 Fifth Ave., across from Bryant Park, which was being marketed by Eastdil Secured.
Photo by Scott Graham on Unsplash
August 4, 2023
400 new affordable apartments were announced for the Financial District this past week. Roughly a third of the new buildings at 5 World Trade Center, will be set aside for middle- and working-class New Yorkers, with 80 of those apartments earmarked for people who lived and worked near the old World Trade Center as well… Read more »
May 22, 2023
“The mortgage refinancing boom is over, but its impact will be seen for decades to come”. Fed data shows that about 14 million mortgages were refinanced during the pandemic period starting in March 2020. Some 64% were considered “rate refinances,” or homeowners looking to take advantage of lower borrowing costs. Average savings totaled about $220… Read more »
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