January 6, 2010
After suffering some pretty big losses over the past two years, Harry Macklowe is back. This time he has teamed up with CIM Group to take control again of the development site on Park Avenue in New York.
The partnership between Macklowe and CIM will pay off about $510M of debt on the site, which was the site of the former Drake Hotel, which Macklowe tore down.
In other news, CMBS delinquency numbers were put out by Trepp. For the first time, delinquency rates have breached 6% for loans delinquent 30 days or more.
The delinquency rate started the year at 1.21%. The breakdown amonst the various sectors was as follows:
- Hotels – 13.87%
- Office – 3.42%
- Retail – 5.50%
- Industrial – 3.98%
- Realpoint CMBS June Update – 2.275% Delinquency In May
- CMBS Delinquency Rate Continues To Rise; Inland Western Issues $500M CMBS Deal
- $46B in CMBS Balances Now Delinquent
- Commercial/Multi-Family Delinquency Rates Continue Hike Up
- Nearly 20% of Construction Debt is Delinquent