Thursday, October 15, 2009
Bad News Picks Up
There's a concerted uptick in bad CRE news hitting the wires. I think it started with the Journal's Peter Cooper Village/Stuyvesant Town article earlier this week - nothing new there, except that they took a little less out of their debt service reserve last month than the month before (but the article didn't highlight that). I still think it is a 2009 default, but who knows, it could 2010.
Sheila Bair stated that new CRE focused plan/guidelines is in the near-term pipeline. The title of the WSJ article is worded badly - is it a bailout or just new guidelines?? It's like a media firm starts getting to the top of its game (CNBC, WSJ #1 in readership) and
Capmark will be filing bankruptcy before Halloween!
Union Square W is owned by Istithmar, and may be the next big default. - ZH points out that a lot of Istithmar owned properties were purchased at precisely the wrong time. Maybe we'll publish a list ...