2009-01-05nytimes.com

"Already, $107 billion worth of office towers, shopping centers and hotels are in some form of distress, ranging from mortgage delinquency to foreclosure, according to a report by Real Capital Analytics. New York, the biggest market by far, leads the pack with 268 troubled properties valued at $12 billion. But there are 19 more cities, including Atlanta, Denver and Seattle, with more than $1 billion worth of distressed commercial properties. Analysts are especially concerned about buildings like 666 Fifth Avenue, One Park Avenue and the Riverton complex in New York, the Pacifica Tower in San Diego and the Sears Tower in Chicago, which were acquired in 2006 and 2007 with mortgage-backed financing based on future rents rather than existing income."



Comments:

mortgagemess at 13:14 2009-01-05 said:
I don't feel sorry for these lenders. Just returned from a visit to my old hometown, of which every corner had a new strip center going up no matter how small the land(guess the cities are getting more desperate for the tax dollars). In the meantime, in between those strip centers were other centers FILLED with empty spaces! Some of these centers built within the last 2 years!

The lenders are getting what they deserve by not researching to see how much vacant commercial property is sitting in each city. Permalink

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