NYC Landlords That Can't Find Buyers Turn to Borrowing Instead
By Sarah Mulholland
Bloomberg Markets - September 6, 2017
At a time when commercial-property purchases have slowed to a trickle, Manhattan landlords who can’t sell are still getting money out of their buildings -- by turning to lenders.
A growing chasm between what buyers are willing to pay and what sellers think their properties are worth has put the brakes on deals. In New York City, the largest U.S. market for offices, apartments and other commercial buildings, transactions in the first half of the year tumbled about 50 percent from the same period in 2016, to $15.4 billion, the slowest start since 2012, according to research firm Real Capital Analytics Inc.
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