Friday, December 25, 2009

commericial real estate

2nd Hit to New York's Economy Commercial Real Estate Melt Down Developer all over the county are on the brink as “zombie buildings,” which can't compete for new tenants because they lack the money to cover brokers' commissions and interior office reconstruction multiply. Tishman Speyer which is expected to go bankrupt any moment with its failed attempt to force out affordable tenants from Stuy Town has just had another of its massive projects go belly upTishman Speyer defaults on big Chicago loan Loan was one of several used by developer in $1.7 billion purchase of six Windy City towers in 2007; New York Federal Reserve taking a hard line. Parker Towers renters may have rebate case like Stuy Town

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