CMBS Defaults

Im curious to see how long Related will be able to maintain the mausoleum to 21st century retail, Hudson Yards.

As a private company they're able to mask things longer but between the mall and the residential towers, something has got to break.

In the end a stadium may have been the better wat to go.

And on the residential side (specifically stabilized apartments):

https://www.bloomberg.com/news/features/2024-02-05/nyc-apartments-go-on-sale-for-50-off-due-to-tougher-rent-control

"Last year, New York buildings with at least one rent-­stabilized apartment sold on average for $203,000 a unit, down 34% since 2019, according to Maverick Real Estate Partners, a New York investment manager. By contrast, the price of nonregulated apartments rose 23%. The value of rent-stabilized units declined by as much as $75 billion, Maverick found. In December the Federal Deposit Insurance Corp. unloaded $15 billion in loans backed primarily by New York rent-stabilized apartments—at a 40% discount. Last week, amid concern over real estate exposure, shares of New York Community Bancorp Inc.—which holds about $37 billion in apartment loans, half backed by rent-regulated units—dropped 38% in a single day. "

https://therealdeal.com/new-york/2024/02/09/icon-realtys-142m-multifamily-debt-heads-to-special-servicing/

​Let's look at what's really going on. Example: 320 West 14th St.

​BOT 1/17/2007 $3,250,000

​Mortgage 1/14/2019 $20,200,000

​Yeah, it's the HSTPA 2019 which caused the problem. GTFOH.