Beware the Ides of March.
“Vanbarton Group and the architecture firm Gensler. They’re currently finishing up their transformation of 160 Water Street, a 1970s office tower in lower Manhattan that will become 586 apartments. This comes after Vanbarton worked with the architecture firm CetraRuddy to convert a similar building at 180 Water Street into 574 units back in 2017.”
https://www.businessinsider.com/how-nyc-office-buildings-towers-became-housing-2023-9
“Most of the estimated 96 million square feet of vacant office space in New York City would be prohibitively expensive, or illegal, to turn into housing.”
The FDIC needs the legal power to void any & all affordable housing requirements, non-structural integrity building code and energy efficiency requirements on buildings with mortgages issued by federally insured institutions.
Well maybe we shouldn’t be adding a $1 Trillion of debt to the deficit every 100 days? Our country is run by morons.
Holders of commercial real estate (CRE) debt are riding the tiger. Meaning that if interest rates don’t come down, there will be a lot of pain and suffering.
“We’re far from neutral now,” said America’s Fed Chairman, Jerome Powell, to the Senate Banking Committee. As The Fed moves closer to cutting rates.
All those rent-seekers stacked up with commercial real estate holdings nodded in violent agreement.
What they might do is to sell a floor at a time to foreign investors.
Where would they eat? At a restaurant on the first floor. Where would they sleep? In a nearby hotel.
The 10,000 square feet make a nice studio for the wife, she’s very artistic, almost as talented as Hunter Biden. The very nice furnishing inspire her. Sometimes she has friends over for mutual inspiration.
We would have paid ten times the price for an apartment elsewhere in Manhattan. The hotel room for sleeping is less than the real estate taxes would be and we only have to pay for the hotel room when we are in the city.
What they might do is to sell a floor at a time to foreign investors.
Where would they eat? At a restaurant on the first floor. Where would they sleep? In a nearby hotel.
The 10,000 square feet make a nice studio for the wife, she’s very artistic, almost as talented as Hunter Biden. The very nice furnishing inspire her. Sometimes she has friends over for mutual inspiration.
We would have paid ten times the price for an apartment elsewhere in Manhattan. The hotel room for sleeping is less than the real estate taxes would be and we only have to pay for the hotel room when we are in the city.
I have some business associates who are selling their commercial buildings at a steep discount now. The typical scenario involves a commercial mortgage that comes due at the end of this year, and the landlord knows he’d have to come up with a pile of cash to pay down the balance before refinancing the loan. They all expect the appraisals on these properties to be about 25% to 40% lower now than they were when the loans were originally cast five years ago.
At least the fat lady looks happy.
Millions of illegal aliens need free housing