We are pleased to announce that Gary Barnett, President of Extell Development, has agreed to hold a special keynote address at the Massey Knakal Multifamily Summit on September 21. Gary oversees a portfolio of over 10 million square feet, including significant multifamily holdings, and recently announced that he’ll be building the City’s tallest residential building, a $1.3 billion skyscraper on 57th Street. He seldom speaks in public, so this is a rare and valuable opportunity that you won’t want to miss.
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Around 442 residential buildings across the city are in serious default on property taxes, according to the New York Times, as a result of recession-related fiscal challenges, including unemployed tenants unable to make rent payments. The rise of delinquent mortgages among multi-family properties underscores the simultaneous climb of blighted buildings in the city, experts say, with necessary maintenance often falling by the wayside when financial times get tough. Douglas Apple, first deputy commissioner of the Department of Housing Preservation and Development, said that the rise of delinquent mortgages, largely localized to the South Bronx, Harlem and central Brooklyn, is alarming. “More and more of these properties, especially the not-for-profits, are not making their mortgages, not paying taxes, water,” Apple said. “It’s gotten to the point where we are very concerned.”
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Four New York City addresses made their debuts on Trepp’s list of distressed properties in June, and one made a re-entry, according to data compiled for The Real Deal (see chart below). New to the 48-item New York City list is Argus Realty’s 32,049-square-foot office property at 246 Fifth Avenue, which is 60 days delinquent with a $14.5 million loan balance, and two Bronx multi-family portfolios in foreclosure, with loan balances of $36.5 million and $35 million. Another newcomer is 405 East 77th Street, a 15-unit apartment building that’s 60 days delinquent with a $3 million loan balance.
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