Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 19 May 2020

New York City Apartment Sales Flat in 1Q, Expected to Decline Sharply in 2Q

First-quarter apartment property sales in New York City totaled $1.71 billion, up a fraction from a year ago, according to Ariel Property Advisors. Since then, however, nearly all transactions have been halted as a result of the coronavirus pandemic. The second quarter could see the lowest sales volume since the New York investment-sales and research firm started tracking such data in 2010.

Commercial Real Estate Direct Staff Report

First-quarter apartment property sales in New York City totaled $1.71 billion, up a fraction from a year ago, according to Ariel Property Advisors. Since then, however, nearly all transactions have been halted as a result of the coronavirus pandemic.

The second quarter could see the lowest sales volume since the New York investment-sales and research firm started tracking such data in 2010, said Shimon Shkury, the company's founder and president. The record low is $381.6 million, recorded in the third quarter of 2010.

Since then, only four quarters have seen volumes below $1 billion: $989 million in the fourth quarter of 2010; $541.2 million in the first quarter of 2011; $956.4 million in the fourth quarter of 2011; and $918 million in the first quarter of 2013.

Shkury expects activity will remain low in this year's third quarter, but could pick up in the fourth quarter as deals that were anticipated to close earlier in the year might then be completed. Still, volume for the full year likely will fall short of last year's $6.9 billion, which was down 40 percent from the year before and the lowest total since 2011, when $5.3 billion of deals took place.

Shkury noted...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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