The level of commercial real estate loan distress appears to be at or nearing its peak – a welcome sign that the worst of the Great Recession may have passed. And with this new phase, the market for distressed commercial real estate borrowers and investors is also undergoing major changes.
NAI Global noted that LNR Partners and CIII Capital Partners are selling a tremendous amount of product through a large auction now and the FDIC has another $700 million portfolio to be sold in the third quarter of 2011.
“We believe we are at the tipping point towards a more normalized market where new originations will commence in early in 2012 reflecting normal CMBS output and lending patterns similar to 2005 and 2006,” the company said. “Though 2012 will see more distressed debt opportunities we see an overall slow down as the economy and its recovery finally impacts real estate positively.”
Read the full article on CoStar Group.
FORT LAUDERDALE, FL; COSTA RICA – JUNE 1st, 2011 – IGY Marinas announces the addition of Marina Papagayo to its global network of premier yachting destinations. Marina Papagayo, located on the north Pacific coast of Costa Rica is part of the acclaimed five-star residential resort community of Peninsula Papagayo. This state-of-the-art, full-service marina offers a wide array of nautical services along with award-winning accommodations and amenities at the Four Seasons Resort Costa Rica, including an Arnold Palmer Golf Course, spa, and multiple dining options. This exotic, yet accessible escape is situated just 20 minutes from Liberia International Airport offering daily and frequent services from major US gateway cities.
Island Global Yachting will provide marketing and branding services as part of the agreement, with Marina Papagayo being branded as “an IGY destination.” IGY Marinas will also be delivering staff training and operational support through the acclaimed IGY University, a program tailored to the specific needs of marina staff that provides all the knowledge needed to operate a world-class marina.
Click here to read the full press release.
This list in 2009 and 2010 reflected a recessionary New York, one thoroughly upended by economic maelstroms like high unemployment and the odd major bank collapse. No one had need of more office space; no one had financing for investments; no one had much to do save get on the blower and commiserate, or, on the odd workday, try to set up sit-downs or walk-throughs. The president of the United States was No. 1 in 2009, because everyone looked to the government for help. Toss me some TALF!
Then, inevitably, as these things seem to go in New York and not in places like Vegas or Mobile, a thaw began. The first inklings came amid the end of landlord concessions, whether for office tenants or those in apartments. Then, round about the summer of 2010, the news of major leases trickled out—foremost, perhaps, that of Si Newhouse (No. 51) intending to park his Condé Nast publishing engine in 1 World Trade, where the development has been organized by the Port Authority, led by Chris Ward (No. 70), and where Douglas and Jody Durst (No. 1) have the big private stake. (And simply that there is a 1 World Trade, more than halfway to its 1,776 feet now, is itself a sign of recovery.)
Then, the statistics across the board began to validate the gratingly chipper chatter as office leasing and investment sales picked up, and the housing market steered well clear of an assumed double dip. Suddenly, by the close of 2010, it wasn’t all so much bullshit; the recovery was happening. The list now is meant to reflect that. Three big things about it: Not since our inaugural Power 100 in 2008 has the upper echelon been so dominated by the familiar moguls, but not all are patronymically so. There’s a rustling at the top.
There are the Durst cousins, yes, and Anthony Malkin (No. 12), Donald Trump (No. 14), the Speyers (No. 15) and Richard LeFrak (No. 20)—and, for that matter, Andrew Cuomo (No. 2)—but also the boot-strappy likes of Mort Zuckerman (No. 5) and Andrew Farkas (No. 11), and our very own Richest Guy in Town, Michael Bloomberg (No. 7). We also have relative newcomers, like the benignly voracious Gary Barnett (No. 6); the seemingly ruthless Mikhail Prokhorov (No. 24); and the oddly familiar Scott Rechler (No. 19), back in Manhattan in a big way.
Check out #11 on the Observer slideshow to see Andrew Farkas.
Click here to view the full original article from the Observer.