In the April 12, 2006 Wall Street Journal is an article, “Big Banks Find Property Loans Riskier” by David Enrich, which describes the main reason Manhattan House residents are in their current predicament.
The piece is about “the growing jitters among bankers and regulators that an influx of capital into commercial real estate lending is causing some in the business to take aggressive risks and could leave banks over exposed in a cyclical industry.” Commercial real estate lending covers apartment complexes like Manhattan House.
Specifically, major lenders are choosing not to compete with investment banks, which they fear are agreeing to lending terms that would be unheard-of in a less feverish environment. The intense competition is in part yet another byproduct of the huge supply of capital in the hands of yield-hungry investors.
Credit Suisse – a global investment bank - provided Kalikow and O’Connor the loan to purchase Manhattan House through the use of CMBS (Commercial Mortgage Backed
Security) notes.
“I’m from Texas, and I’ve seen this movie before,” said Todd Maclin, J.P. Morgan Chase & Co.’s commercial-banking chief.
Wednesday, April 12, 2006
Tuesday, April 11, 2006
Condo Conversion Articles
Listed below are links to 3 condo conversion articles that might be of interest to MH residents.
Understanding a Condominium Offering Plan
Financing Condominium Offerings
The Sword of Spitzer
Understanding a Condominium Offering Plan
Financing Condominium Offerings
The Sword of Spitzer
Friday, April 07, 2006
Tenant Questionaire
All concerned Manhattan House tenants should fill out and submit the Tenant Questionaire. Please send it to Rafael Urquia or directly to David Rozenholc, 9 East 84 Street, NY, NY 10021.
Print out the Tenant Questionaire by clicking here
Print out the Tenant Questionaire by clicking here
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