Dennis W. RussoReal Estate Loan Workouts, Restructuring & Foreclosures
(212) 592-1470
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Scott E. MollenReal Estate Loan Workouts, Restructuring & Foreclosures
(212) 592-1505
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Accolade
Chambers USA 2012: America's Leading Lawyers for Business
June 2012 -- Chambers USA
Herrick’s 50+ attorney real estate department was ranked by Chambers USA as one of the top commercial real estate firms in New York City.
June 2012 -- Chambers USA
Herrick’s 50+ attorney real estate department was ranked by Chambers USA as one of the top commercial real estate firms in New York City.
Media Mention
Commercial property foreclosures up in 2011
January 26, 2012 -- The Record
Scott Tross says the number of commercial real estate foreclosures is high and figures to go higher because many of the properties that secure the loans are worth less than the amount of outstanding debt. That makes refinancing difficult, he says.
January 26, 2012 -- The Record
Scott Tross says the number of commercial real estate foreclosures is high and figures to go higher because many of the properties that secure the loans are worth less than the amount of outstanding debt. That makes refinancing difficult, he says.
Media Mention
Receiver tapped for 36 West Side apt. buildings
December 9, 2011 -- Crain's New York Business.com
Ray Hannigan contends that by filing a foreclosure action on a 36-property portfolio of apartment houses owned by Pinnacle Group and the Praedium Group, our client, Dune Real Estate Funds, is simply seeking to be repaid the money it is owed or bring the foreclosure to completion. The debt accrued as a result of a loan modification.
December 9, 2011 -- Crain's New York Business.com
Ray Hannigan contends that by filing a foreclosure action on a 36-property portfolio of apartment houses owned by Pinnacle Group and the Praedium Group, our client, Dune Real Estate Funds, is simply seeking to be repaid the money it is owed or bring the foreclosure to completion. The debt accrued as a result of a loan modification.
Media Mention
Of Strictures & Structures: Restructuring Commercial Property Loans
November 2011 -- Distressed Asset Investor
Dennis Russo looks at commercial real estate borrowers’ options -- and lenders’ prerogatives -- when it becomes necessary or advisable to restructure distressed debt. Dennis analyzes the costs and benefits -- and risks and potential rewards -- of a variety of maneuvers, including forgiveness of debt, lowering the interest rate, having the lender take a back-end piece of the deal, finding another lender to take out the original lender, putting the project into bankruptcy or finding a third party to take pay down the debt in exchange for equity.
November 2011 -- Distressed Asset Investor
Dennis Russo looks at commercial real estate borrowers’ options -- and lenders’ prerogatives -- when it becomes necessary or advisable to restructure distressed debt. Dennis analyzes the costs and benefits -- and risks and potential rewards -- of a variety of maneuvers, including forgiveness of debt, lowering the interest rate, having the lender take a back-end piece of the deal, finding another lender to take out the original lender, putting the project into bankruptcy or finding a third party to take pay down the debt in exchange for equity.
Media Mention
Mortgage Note on Upper West Side Apartment Buildings Sells for 7.8M
August 4, 2011 -- Citybiz Real Estate
Our representation of a European bank at a foreclosure sale of a defaulted mortgage note is mentioned. John St. Jeanos represented the bank, which sold the note for $7.8 million. The note was related to two adjacent 20-unit apartment buildings on the Upper West Side.
August 4, 2011 -- Citybiz Real Estate
Our representation of a European bank at a foreclosure sale of a defaulted mortgage note is mentioned. John St. Jeanos represented the bank, which sold the note for $7.8 million. The note was related to two adjacent 20-unit apartment buildings on the Upper West Side.
Media Mention
West side development site sold for $6.79 million in foreclosure auction
June 2, 2011 -- Real Estate Weekly
Our representation of a special purpose entity that bought a development site on West 47th Street is noted. John St. Jeanos represented the SPE in its $5.79 purchase at a foreclosure auction.
June 2, 2011 -- Real Estate Weekly
Our representation of a special purpose entity that bought a development site on West 47th Street is noted. John St. Jeanos represented the SPE in its $5.79 purchase at a foreclosure auction.
Media Mention
Commercial real estate looking up, but distress continues
February 20, 2011 -- The Record
Scott Tross tells New Jersey's second-largest newspaper that there is a steady flow of foreclosures on commercial properties in the state, with no end in sight. He says the foreclosures are split about equally between maturity defaults, where a loan has matured and the borrower cannot secure new financing, and payment defaults, where the borrowers stop paying debt service, often as a result of tenants' having departed or gone under.
February 20, 2011 -- The Record
Scott Tross tells New Jersey's second-largest newspaper that there is a steady flow of foreclosures on commercial properties in the state, with no end in sight. He says the foreclosures are split about equally between maturity defaults, where a loan has matured and the borrower cannot secure new financing, and payment defaults, where the borrowers stop paying debt service, often as a result of tenants' having departed or gone under.
Media Mention
A Harlem Cultural Hub Is Threatened by Debt
February 1, 2011
Ray Hannigan is quoted in The New York Times article “A Harlem Cultural Hub Is Threatened by Debt." The article discusses the foreclosure action brought against our client, the National Black Theatre, which threatens to close the doors of one of Harlem’s most prestigious cultural and educational institutions.
February 1, 2011
Ray Hannigan is quoted in The New York Times article “A Harlem Cultural Hub Is Threatened by Debt." The article discusses the foreclosure action brought against our client, the National Black Theatre, which threatens to close the doors of one of Harlem’s most prestigious cultural and educational institutions.
Media Mention
‘Bad Boy’ Guarantees Snarl Billions in Real Estate Debt
January 19, 2011 -- The New York Times
Ray Hannigan analyzes the role of springing guarantees -- or so-called bad boy guarantees -- in commercial real estate lending workouts. Ray notes that in the last downturn -- in the late Eighties and early Nineties -- defaulting borrowers would file for Chapter 11 protection just before lenders moved to foreclose.
January 19, 2011 -- The New York Times
Ray Hannigan analyzes the role of springing guarantees -- or so-called bad boy guarantees -- in commercial real estate lending workouts. Ray notes that in the last downturn -- in the late Eighties and early Nineties -- defaulting borrowers would file for Chapter 11 protection just before lenders moved to foreclose.
Media Mention
Related Cos. to pay $82.8M for Rector Sq. project
January 13, 2011 -- Crain's New York Business.com
The firm's work on behalf of Anglo Irish Bank is noted in this story, which describes how we helped the bank foreclose on its borrower, Yair Levy, and then assist the bank at a foreclosure auction. The story says the bank is likely to assign its winning credit bid to Related next week.
January 13, 2011 -- Crain's New York Business.com
The firm's work on behalf of Anglo Irish Bank is noted in this story, which describes how we helped the bank foreclose on its borrower, Yair Levy, and then assist the bank at a foreclosure auction. The story says the bank is likely to assign its winning credit bid to Related next week.
Media Mention
Loan-to-own: Predatory or practical? Some developers call the strategy underhanded, but courts aren't so sure
January 2011 -- The Real Deal
Sheldon Chanales argues that in most cases of alleged predatory lending, the banks and other financial institutions are acting in good faith, well within the law, and in reaction to monetary defaults. Sheldon opines: "There's no moral hazard involved in owning a lender position and using the right to exercise your position. Welcome to capitalism."
January 2011 -- The Real Deal
Sheldon Chanales argues that in most cases of alleged predatory lending, the banks and other financial institutions are acting in good faith, well within the law, and in reaction to monetary defaults. Sheldon opines: "There's no moral hazard involved in owning a lender position and using the right to exercise your position. Welcome to capitalism."
Media Mention
Anglo Irish Keeps Control of 232 Unsold Condos in NYC's Battery Park City
November 18, 2010 -- Bloomberg News
Christopher Sullivan says Anglo Irish Bank, which was the sole bidder at the foreclosure auction of 225 Rector Place, may take title to the property and then sell it, or sell its winning bid to another party. He says if Anglo Irish sells its bid, the buyer would take title to the condos, a 114-space parking garage and 2,000 square feet of commercial space by the court-mandated closing date of Dec. 15.
November 18, 2010 -- Bloomberg News
Christopher Sullivan says Anglo Irish Bank, which was the sole bidder at the foreclosure auction of 225 Rector Place, may take title to the property and then sell it, or sell its winning bid to another party. He says if Anglo Irish sells its bid, the buyer would take title to the condos, a 114-space parking garage and 2,000 square feet of commercial space by the court-mandated closing date of Dec. 15.
Media Mention
Battery Park Condo Project Goes to Lender
November 18, 2010 -- GlobeSt.com
Christopher Sullivan says the plaintiff in the Rector Square foreclosure action -- our client Anglo Irish or its designee or assignee -- is entitled to hold or sell the project and also may pursue the borrower or guarantor for any deficiency arising from the sale of the project at auction. The lender was the sole bidder, taking back the project for $82.75 million, which Chris views as "a good result given the circumstances and economic landscape."
November 18, 2010 -- GlobeSt.com
Christopher Sullivan says the plaintiff in the Rector Square foreclosure action -- our client Anglo Irish or its designee or assignee -- is entitled to hold or sell the project and also may pursue the borrower or guarantor for any deficiency arising from the sale of the project at auction. The lender was the sole bidder, taking back the project for $82.75 million, which Chris views as "a good result given the circumstances and economic landscape."
Media Mention
Anglo Irish Bank to Auction 232 Manhattan Apartments in Foreclosure Sale
November 17, 2010 -- Bloomberg News
Christopher Sullivan notes that 232 unsold condo units, a garage and other commercial space were to be auctioned as a block, in an attempt for our client Anglo Irish to recover as much of the $135 million that the borrower, who defaulted on the loan, owed the bank. Selling the property in bulk -- as opposed to piecemeal -- tends to bring not only a higher price but also the possibility of a sophisticated developer who can finish the project. (The sale, the following day, went for $82.75 million).
November 17, 2010 -- Bloomberg News
Christopher Sullivan notes that 232 unsold condo units, a garage and other commercial space were to be auctioned as a block, in an attempt for our client Anglo Irish to recover as much of the $135 million that the borrower, who defaulted on the loan, owed the bank. Selling the property in bulk -- as opposed to piecemeal -- tends to bring not only a higher price but also the possibility of a sophisticated developer who can finish the project. (The sale, the following day, went for $82.75 million).
Media Mention
Failed Rector Sq. project sells for a song
November 17, 2010 -- Crain's New York Business.com
Our representation of Anglo Irish Bank in the foreclosure on the Rector Square condo project -- and its ultimate auction, where the lender was the sole bidder -- is noted here.
November 17, 2010 -- Crain's New York Business.com
Our representation of Anglo Irish Bank in the foreclosure on the Rector Square condo project -- and its ultimate auction, where the lender was the sole bidder -- is noted here.
Media Mention
FDIC’s Plan to Securitize Assets Could Boost CMBS
October 21, 2010 -- GlobeSt.com
Scott Tross says the FDIC's apparent plan to bundle performing real estate loans and sell them as CMBS is likely to attract the usual buyers of CMBS -- pension funds, insurance companies, mutual funds, institutions and wealthy individual investors. He notes that there are more factors indicating the market will want the securities -- undeployed cash, a paucity of CMBS for several years, and an apparent strengthening of the real estate and credit markets -- than factors arguing against market acceptance.
October 21, 2010 -- GlobeSt.com
Scott Tross says the FDIC's apparent plan to bundle performing real estate loans and sell them as CMBS is likely to attract the usual buyers of CMBS -- pension funds, insurance companies, mutual funds, institutions and wealthy individual investors. He notes that there are more factors indicating the market will want the securities -- undeployed cash, a paucity of CMBS for several years, and an apparent strengthening of the real estate and credit markets -- than factors arguing against market acceptance.
Media Mention
Auction looms for Rector Square housing
September 30, 2010 -- Crain's New York Business.com
Christopher Sullivan is quoted regarding the upcoming auction of Rector Square, the condominium project that Herrick, Feinstein foreclosed on, on behalf of our client, Anglo Irish Bank. He notes that large, well-capitalized, credit-worthy organizations -- such as investment funds -- have expressed interest in buying the project, which will be auctioned off as one bloc.
September 30, 2010 -- Crain's New York Business.com
Christopher Sullivan is quoted regarding the upcoming auction of Rector Square, the condominium project that Herrick, Feinstein foreclosed on, on behalf of our client, Anglo Irish Bank. He notes that large, well-capitalized, credit-worthy organizations -- such as investment funds -- have expressed interest in buying the project, which will be auctioned off as one bloc.
Media Mention
Anglo to auction off Rector Square Nov. 17
September 30, 2010 -- The Real Deal.com
Christopher Sullivan, lead litigation counsel to Anglo Irish Bank in its forceclosure on the condominium project Rector Square, notes that the entire project -- condo units, commercial components and parking garage -- will be sold Nov. 17 at auction.
September 30, 2010 -- The Real Deal.com
Christopher Sullivan, lead litigation counsel to Anglo Irish Bank in its forceclosure on the condominium project Rector Square, notes that the entire project -- condo units, commercial components and parking garage -- will be sold Nov. 17 at auction.
Media Mention
Little stigma for commercial real estate owners who default on mortgages
September 19, 2010 -- Newark Star-Ledger
Scott Tross notes that many owners of commercial properties -- especially those with non-recourse loans -- are willing to walk away from making mortgage payments on distressed properties.
September 19, 2010 -- Newark Star-Ledger
Scott Tross notes that many owners of commercial properties -- especially those with non-recourse loans -- are willing to walk away from making mortgage payments on distressed properties.
Media Mention
Condos still hot in Chelsea
September 15, 2010 -- Real Estate Weekly
Scott Mollen, who acted as receiver, and Jack Sheridan, who represented the seller, are mentioned in a story that notes the sale of 559 West 23rd Street, a High Line development site.
September 15, 2010 -- Real Estate Weekly
Scott Mollen, who acted as receiver, and Jack Sheridan, who represented the seller, are mentioned in a story that notes the sale of 559 West 23rd Street, a High Line development site.
Media Mention
The Lawyers You Call
August 11, 2010 -- The New York Observer
Gary Eisenberg and the firm's real estate practice are profiled in "The Lawyers You Call," a look at the city's top law firms with commercial real estate practices. Gary is pictured, and the firm's work in a variety of areas -- including our first-in-the-nation lawsuit against the SEC on behalf of Madoff victims -- is noted.
August 11, 2010 -- The New York Observer
Gary Eisenberg and the firm's real estate practice are profiled in "The Lawyers You Call," a look at the city's top law firms with commercial real estate practices. Gary is pictured, and the firm's work in a variety of areas -- including our first-in-the-nation lawsuit against the SEC on behalf of Madoff victims -- is noted.
Media Mention
Rector Square's unsold units near auction: Related is seen as the likely buyer of the discounted apartments
July 30, 2010 -- The Real Deal.com
Chris Sullivan tells The Real Deal.com that Rector Square will likely be sold at auction in the fall, once a few procedural wrinkles are resolved.
July 30, 2010 -- The Real Deal.com
Chris Sullivan tells The Real Deal.com that Rector Square will likely be sold at auction in the fall, once a few procedural wrinkles are resolved.
Media Mention
FX Luxury creditors propose plan
July 20, 2010 -- The Daily Deal
Our representation of W.R. Huff Asset Management Co. LLC, an investor in the bankruptcy case of FX Luxury Las Vegas I LLC, is noted in this story. Joshua Angel represented Huff.
July 20, 2010 -- The Daily Deal
Our representation of W.R. Huff Asset Management Co. LLC, an investor in the bankruptcy case of FX Luxury Las Vegas I LLC, is noted in this story. Joshua Angel represented Huff.
Media Mention
New York City Networking Group hosts Mega Forum, features panels, speakers on current state of the market
July 13, 2010 -- New York Real Estate Journal
This story notes that Gary Eisenberg was a member of a panel, Opportunistic Investing in the Real Estate Marketplace, at an all-day forum on New York City commercial real estate.
July 13, 2010 -- New York Real Estate Journal
This story notes that Gary Eisenberg was a member of a panel, Opportunistic Investing in the Real Estate Marketplace, at an all-day forum on New York City commercial real estate.
Media Mention
The Phraseologist
July 12, 2010 -- The Commercial Observer
Gary Eisenberg's practice and outside interests -- including professional sports -- are profiled in this story in the New York Observer's real estate-related publication. The story, which ran in the paper's weekly Sit-Down space, which features professionals prominent in New York commercial real estate, alludes to Gary's colorful use of the language to describe various phenomena in the world of distressed debt and foreclosure and includes his predictions for where those markets are headed.
July 12, 2010 -- The Commercial Observer
Gary Eisenberg's practice and outside interests -- including professional sports -- are profiled in this story in the New York Observer's real estate-related publication. The story, which ran in the paper's weekly Sit-Down space, which features professionals prominent in New York commercial real estate, alludes to Gary's colorful use of the language to describe various phenomena in the world of distressed debt and foreclosure and includes his predictions for where those markets are headed.
Media Mention
Will Mark-to-Market Finally Push Distress?
June 22, 2010 -- GlobeSt.com
The market for distressed commercial real estate and distressed debt secured by real property is so thin that investors who intended to pursue such deals are dropping out, Gary Eisenberg says. Additionally, the distressed properties and notes that are trading are trading at relatively high prices, he says.
June 22, 2010 -- GlobeSt.com
The market for distressed commercial real estate and distressed debt secured by real property is so thin that investors who intended to pursue such deals are dropping out, Gary Eisenberg says. Additionally, the distressed properties and notes that are trading are trading at relatively high prices, he says.
Media Mention
If Nancy Reagan Gave Real Estate Advice
June 17, 2010 -- Real Estate Bisnow
Gary Eisenberg's presentation -- and the fact that Herrick hosted the event -- are noted in a story about buying distressed commercial real estate. One of the speakers advised that at today's prices for distressed commercial properties, prospective buyers should "just say no," and Gary advised attendees to pay attention to warning signs, review documents and communications, verify purported defaults and conduct proper searches.
June 17, 2010 -- Real Estate Bisnow
Gary Eisenberg's presentation -- and the fact that Herrick hosted the event -- are noted in a story about buying distressed commercial real estate. One of the speakers advised that at today's prices for distressed commercial properties, prospective buyers should "just say no," and Gary advised attendees to pay attention to warning signs, review documents and communications, verify purported defaults and conduct proper searches.
Media Mention
In Distressed Buys, Look Before You Leap
June 16, 2010 -- GlobeSt.com
Gary Eisenberg is quoted on how to avoid legal pitfalls when buying a loan-to-own note, in this story, which covered a Herrick-hosted seminar on buying distressed commercial real estate.
June 16, 2010 -- GlobeSt.com
Gary Eisenberg is quoted on how to avoid legal pitfalls when buying a loan-to-own note, in this story, which covered a Herrick-hosted seminar on buying distressed commercial real estate.
Media Mention
AG Hits Levy With Fraud Suit at Rector Square
June 9, 2010 -- The Real Deal
Though Herrick isn't mentioned, our client Anglo Irish Bank and their foreclosure on 255 Rector Square is in the article "AG Hits Levy With Fraud Suit at Rector Square."
June 9, 2010 -- The Real Deal
Though Herrick isn't mentioned, our client Anglo Irish Bank and their foreclosure on 255 Rector Square is in the article "AG Hits Levy With Fraud Suit at Rector Square."
Media Mention
Defaulting … on purpose: Some developers and building owners opt to stop paying mortgages to get better loan terms
June 2, 2010 -- The Real Deal
Dennis Russo notes that some commercial real estate developers are using so-called strategic defaults to force lenders and special servicers to negotiate restructuring of loans. He cites one example where a lender who had refused to negotiate a workout suddenly became willing to do so when the borrower stopped paying.
June 2, 2010 -- The Real Deal
Dennis Russo notes that some commercial real estate developers are using so-called strategic defaults to force lenders and special servicers to negotiate restructuring of loans. He cites one example where a lender who had refused to negotiate a workout suddenly became willing to do so when the borrower stopped paying.
Media Mention
Saving the mini-Macklowes: What's the best way to work with smaller portfolio owners who have multiple buildings underwater and in trouble?
May 1, 2010 -- The Real Deal
Neil Shapiro describes what property owners can do when part of their commercial real estate portfolio is troubled and part is performing. He notes that the most important factor is the capital stack of the portfolio and each property, and says owners who own properties with a single loan are most vulnerable because lenders then have more leverage.
May 1, 2010 -- The Real Deal
Neil Shapiro describes what property owners can do when part of their commercial real estate portfolio is troubled and part is performing. He notes that the most important factor is the capital stack of the portfolio and each property, and says owners who own properties with a single loan are most vulnerable because lenders then have more leverage.
Media Mention
Ranking New York’s top legal wranglers: A look at the 20 NYC law firms with the biggest real estate divisions – and at how they’ve dealt with the downturn
April 1, 2010 -- The Real Deal
This story identifies Herrick's commercial real estate practice as one of New York's most prominent.
April 1, 2010 -- The Real Deal
This story identifies Herrick's commercial real estate practice as one of New York's most prominent.
Media Mention
New Financial Order
March 2, 2010 -- NYinc
Loan workouts and extensions are the order of the day, Dennis Russo says in this story that analyzes commercial real estate investment sales, equity waiting to be deployed and commercial mortgage backed securities about to mature. The Treasury Department and IRS have adopted rules that pressure special servicers of loans, who are guided by numerical calculations, not empathy, Russo says.
March 2, 2010 -- NYinc
Loan workouts and extensions are the order of the day, Dennis Russo says in this story that analyzes commercial real estate investment sales, equity waiting to be deployed and commercial mortgage backed securities about to mature. The Treasury Department and IRS have adopted rules that pressure special servicers of loans, who are guided by numerical calculations, not empathy, Russo says.
Media Mention
Bank Wins Foreclosure Suit Against Levy at Rector Square
January 21, 2010 -- The Real Deal
Though Herrick is not mentioned, our client Anglo Irish Bank is in the article "Bank Wins Foreclosure suit against Levy at Rector Square" which discusses Anglo's favorable outcome in forclosing on 225 Rector Square.
January 21, 2010 -- The Real Deal
Though Herrick is not mentioned, our client Anglo Irish Bank is in the article "Bank Wins Foreclosure suit against Levy at Rector Square" which discusses Anglo's favorable outcome in forclosing on 225 Rector Square.
Media Mention
Moinian Group sues to block Dwell95 auction
December 31, 2009 -- The Real Deal,com
Our representation of FBE Limited is noted in this story about developer Joe Moinian's lawsuit, which sought to block the auction of Dwell95, a luxury rental property on Wall Street.
December 31, 2009 -- The Real Deal,com
Our representation of FBE Limited is noted in this story about developer Joe Moinian's lawsuit, which sought to block the auction of Dwell95, a luxury rental property on Wall Street.
Media Mention
Stuyvesant Town woes may pave way for loan changes
November 11, 2009 -- Reuters
Scott Mollen opines that litigation surrounding Stuyvesant Town's rent rolls could last for years in this story about how the litigation might affect the value of the property.
November 11, 2009 -- Reuters
Scott Mollen opines that litigation surrounding Stuyvesant Town's rent rolls could last for years in this story about how the litigation might affect the value of the property.
Media Mention
Real estate's bright (and not so bright) ideas: The best and worst policies and proposals floated to get NYC's market back on track
November 2, 2009 -- The Real Deal
An idea that was the cornerstone of a Real Estate New York article that Doug Heller co-authored with an assistant attorney general is cited in this Real Deal story about the best -- and worst -- ideas designed to get the New York real estate market back on track. This story declares that Doug's idea -- sponsors, developers and lenders on troubled condo projects should consider converting them to co-ops -- is among the best and brightest proposals floated.
November 2, 2009 -- The Real Deal
An idea that was the cornerstone of a Real Estate New York article that Doug Heller co-authored with an assistant attorney general is cited in this Real Deal story about the best -- and worst -- ideas designed to get the New York real estate market back on track. This story declares that Doug's idea -- sponsors, developers and lenders on troubled condo projects should consider converting them to co-ops -- is among the best and brightest proposals floated.
Media Mention
Going after borrowers gets personal: Lenders suing for more than $400 million in loan guarantees
November 2, 2009 -- The Real Deal
Borrowers who personally guarantee their real estate loans are off the hook if the lender takes the property back at the loan's face value at a foreclosure auction, Scott Tross says in this story about how lenders are going after borrowers' personal assets.
November 2, 2009 -- The Real Deal
Borrowers who personally guarantee their real estate loans are off the hook if the lender takes the property back at the loan's face value at a foreclosure auction, Scott Tross says in this story about how lenders are going after borrowers' personal assets.
Media Mention
Lenders get more help with "extending and pretending" commercial mortgages
November 1, 2009 -- The Real Deal
Some lenders are extending maturity dates on commercial real estate loans and others are requiring that the borrowers put up more equity, Paul Shapses says. This story notes that new tax rules are giving lenders pause about revealing current values of outstanding debt and that, in turn, is causing them to consider extending the maturities.
November 1, 2009 -- The Real Deal
Some lenders are extending maturity dates on commercial real estate loans and others are requiring that the borrowers put up more equity, Paul Shapses says. This story notes that new tax rules are giving lenders pause about revealing current values of outstanding debt and that, in turn, is causing them to consider extending the maturities.
Media Mention
Real Estate Community Greets Growth with Caution
October 29, 2009 -- GlobeSt.com
Dennis Russo says that growth in the GDP and the likely official end of the recession are good signs for the commercial real estate market. He cautions, however, that the market lags the larger economy and that lenders and developers must regain confidence before they regain their appetite to do deals.
October 29, 2009 -- GlobeSt.com
Dennis Russo says that growth in the GDP and the likely official end of the recession are good signs for the commercial real estate market. He cautions, however, that the market lags the larger economy and that lenders and developers must regain confidence before they regain their appetite to do deals.
Media Mention
Deals, No; Workouts, Yes
October 23, 2009 -- Real Estate New York
Neil Shapiro acknowledges concern over the length of time between Lehman's filing for bankruptcy protection and no substantial increase in availability of financing.
October 23, 2009 -- Real Estate New York
Neil Shapiro acknowledges concern over the length of time between Lehman's filing for bankruptcy protection and no substantial increase in availability of financing.
Accolade
2009 Women of Influence
September-October -- Real Estate New York
Belinda Schwartz are named to the magazine's 2009 list of the most influential women in New York real estate.
September-October -- Real Estate New York
Belinda Schwartz are named to the magazine's 2009 list of the most influential women in New York real estate.
Media Mention
Capmark highlights woes of commercial real estate
October 13, 2009 -- Reuters
In a story about how Capmark Financial Group's likely demise highlights challenges facing the troubled market for retail and office buildings, Stephen Selbst disputes the notion that commercial real estate woes will not affect the broader economy. He equates the relationship between commercial real estate and the larger economy with the subprime market's woes and the economy, and notes that optimists' predictions that the subprime issues were contained and wouldn't be contageous proved incorrect.
October 13, 2009 -- Reuters
In a story about how Capmark Financial Group's likely demise highlights challenges facing the troubled market for retail and office buildings, Stephen Selbst disputes the notion that commercial real estate woes will not affect the broader economy. He equates the relationship between commercial real estate and the larger economy with the subprime market's woes and the economy, and notes that optimists' predictions that the subprime issues were contained and wouldn't be contageous proved incorrect.
Media Mention
Lender infighting on the rise: Creditors battle it out to get paid first on faltering loans
October 1, 2009 -- The Real Deal
Leveraged loans and multiple tranches have complicated real estate deals and workouts, Paul Shapses says in a story that examines how the commercial real estate industry attempts to unwind billions of dollars in distressed inventory.
October 1, 2009 -- The Real Deal
Leveraged loans and multiple tranches have complicated real estate deals and workouts, Paul Shapses says in a story that examines how the commercial real estate industry attempts to unwind billions of dollars in distressed inventory.
Media Mention
Commercial foreclosure rate triples this year
July 10, 2009 -- The Star-Ledger
Rising commercial foreclosure rates may not tell the entire story of the downturn in New Jersey's commercial real estate market, Gary Eisenberg says, adding that banks' attempts to patch together short-term solutions may be masking the real extent of the problems in the market.
July 10, 2009 -- The Star-Ledger
Rising commercial foreclosure rates may not tell the entire story of the downturn in New Jersey's commercial real estate market, Gary Eisenberg says, adding that banks' attempts to patch together short-term solutions may be masking the real extent of the problems in the market.
Media Mention
Condo blues for troubled builders
June 24, 2009 -- Real Estate Weekly
Condo developers who stopped construction on new projects when they were halfway done -- and the lenders that loaned on those projects -- mostly did nothing wrong but merely fell victim to a bad market, Dennis Russo says in a story about half-built projects. He notes that the firm represents lenders and borrowers, with more of our work coming on behalf of lenders.
June 24, 2009 -- Real Estate Weekly
Condo developers who stopped construction on new projects when they were halfway done -- and the lenders that loaned on those projects -- mostly did nothing wrong but merely fell victim to a bad market, Dennis Russo says in a story about half-built projects. He notes that the firm represents lenders and borrowers, with more of our work coming on behalf of lenders.
Media Mention
Sunwest's distress is boon to some: Restructuring effort may bring more than $15 million in fees for lawyers, business consultants
April 13, 2009 -- Oregon Statesman Journal
Secured creditors, such as banks, dislike the uncertainty of Chapter 11 filings and lack the patience to wait for a protracted turnaround. Stephen Selbst tells Oregon's largest newspaper, which is reporting on that state's largest bankruptcy. Further, Selbst says, creditors resent the increasingly high professional fees, viewing it as money properly due them.
April 13, 2009 -- Oregon Statesman Journal
Secured creditors, such as banks, dislike the uncertainty of Chapter 11 filings and lack the patience to wait for a protracted turnaround. Stephen Selbst tells Oregon's largest newspaper, which is reporting on that state's largest bankruptcy. Further, Selbst says, creditors resent the increasingly high professional fees, viewing it as money properly due them.
Media Mention
Blurring Of Once-Bright Lines
April 2009 -- Real Estate Forum Page 33)
Lenders are not moving precipitously to foreclose on commercial properties despite their fears about bankruptcies and the overall economy, Gary Eisenberg says in this story about how commercial loans written in 2002 -- at neither the top nor bottom of a market, but at loan-to-value ratios below today's norm of 65 percent -- are coming due now. Gary notes that only good special servicers -- generally those who were around during the RTC era -- can tell the difference between a good borrower who fell behind and a bad borrower who thinks he has an inalienable right to property in default.
April 2009 -- Real Estate Forum Page 33)
Lenders are not moving precipitously to foreclose on commercial properties despite their fears about bankruptcies and the overall economy, Gary Eisenberg says in this story about how commercial loans written in 2002 -- at neither the top nor bottom of a market, but at loan-to-value ratios below today's norm of 65 percent -- are coming due now. Gary notes that only good special servicers -- generally those who were around during the RTC era -- can tell the difference between a good borrower who fell behind and a bad borrower who thinks he has an inalienable right to property in default.
Media Mention
Relying on receivers again: As more properties default, court-appointed guardians take over buildings
April 2009 -- The Real Deal
In a story about a marked increase in courts' appointing receivers and trustees on troubled real estate projects, Chris Sullivan says the difference between this downturn and the last recession is that the market now is seeing more unfinished construction projects, whose viability is threatened absent a trustee.
April 2009 -- The Real Deal
In a story about a marked increase in courts' appointing receivers and trustees on troubled real estate projects, Chris Sullivan says the difference between this downturn and the last recession is that the market now is seeing more unfinished construction projects, whose viability is threatened absent a trustee.
Media Mention
Defaults pummel real estate sector
January 14, 2009 -- The Record of Hackensack
Scott Tross acknowledges that 2009 figures to be a difficult year for commercial real estate owners with loans on their properties, with defaults and foreclosures rising and expected to go higher. Tross, who has a book credential on this topic, notes, however, that lenders are more apt to consider workouts than in past commercial real estate downturns.
January 14, 2009 -- The Record of Hackensack
Scott Tross acknowledges that 2009 figures to be a difficult year for commercial real estate owners with loans on their properties, with defaults and foreclosures rising and expected to go higher. Tross, who has a book credential on this topic, notes, however, that lenders are more apt to consider workouts than in past commercial real estate downturns.
Media Mention
Retail condos lose their luster: The coming deluge
January 12 - 18, 2009 -- Crain's New York Business
Neil Shapiro notes that Herrick has initiated four deals in as many months involving landlords and developers who are reluctantly selling retail condos because their banks and mezz lenders are pressuring them to raise capital.
January 12 - 18, 2009 -- Crain's New York Business
Neil Shapiro notes that Herrick has initiated four deals in as many months involving landlords and developers who are reluctantly selling retail condos because their banks and mezz lenders are pressuring them to raise capital.
Media Mention
Deutsche Bank slashes price tag for two Macklowe buildings
December 9, 2008 -- The Real Deal,com
Dennis Russo opines that Deutsche Bank cut the asking price on two buildings from Harry Macklowe's troubled portfolio because no large tenant is on the hook and none seems to be on the horizon.
December 9, 2008 -- The Real Deal,com
Dennis Russo opines that Deutsche Bank cut the asking price on two buildings from Harry Macklowe's troubled portfolio because no large tenant is on the hook and none seems to be on the horizon.
Media Mention
Linens leaves ripple of concern
December 3, 2008 -- The Record of Hackensack
Scott Tross, who represents the special servicer administering a mortgage-backed security containing the mortgage on a New Jersey property where bankrupt Linens 'N' Things is a tenant, says that unless the property owner can find a new tenant, the landlord might default on its mortgage.
December 3, 2008 -- The Record of Hackensack
Scott Tross, who represents the special servicer administering a mortgage-backed security containing the mortgage on a New Jersey property where bankrupt Linens 'N' Things is a tenant, says that unless the property owner can find a new tenant, the landlord might default on its mortgage.
Media Mention
The luck of Gluck: In high-profile case, near-default of Riverton may not burn developer
December 2008 -- The Real Deal
Scott Mollen notes that owners and lenders paid robust prices and liberally underwrote deals, respectively, on multi-family properties. In some cases, those strategies worked to the ultimate detriment of the owners and lenders.
December 2008 -- The Real Deal
Scott Mollen notes that owners and lenders paid robust prices and liberally underwrote deals, respectively, on multi-family properties. In some cases, those strategies worked to the ultimate detriment of the owners and lenders.
Media Mention
Meltdown far from over, new mortgage crisis looms
November 27, 2008 -- The Associated Press
Scott Tross predicts that mortgage woes will spread from the residential market to commercial, and that all parties in commercial mortgages will feel the pain.
November 27, 2008 -- The Associated Press
Scott Tross predicts that mortgage woes will spread from the residential market to commercial, and that all parties in commercial mortgages will feel the pain.
Media Mention
General Growth mortgage deadline approaches
November 27, 2008 -- Reuters
Gary Eisenberg acknowledges that mall owner General Growth Properties might not avoid bankruptcy even if it negotiates extensions of loans about to come due, but cautions that in this environment, nothing is inevitable.
November 27, 2008 -- Reuters
Gary Eisenberg acknowledges that mall owner General Growth Properties might not avoid bankruptcy even if it negotiates extensions of loans about to come due, but cautions that in this environment, nothing is inevitable.
Media Mention
Global Retail Figures Tease, Fall Expected
November 21, 2008 -- GlobeSt.com
Andrew Gold analyzes changes in the economic climate since the end of the third fiscal quarter, and how those changes augur poorly for the health of shopping malls.
November 21, 2008 -- GlobeSt.com
Andrew Gold analyzes changes in the economic climate since the end of the third fiscal quarter, and how those changes augur poorly for the health of shopping malls.
Media Mention
Attorney Hire Might Save GGP’s Hide
November 20, 2008 -- GlobeSt.com
Andrew Gold is quoted on the likelihood that General Growth Properties -- a mall REIT -- will have to seek bankruptcy protection because of mounting debts and limited assets. He says that if GGP files under Chapter 11, it may be the first of several mall owners to do so.
November 20, 2008 -- GlobeSt.com
Andrew Gold is quoted on the likelihood that General Growth Properties -- a mall REIT -- will have to seek bankruptcy protection because of mounting debts and limited assets. He says that if GGP files under Chapter 11, it may be the first of several mall owners to do so.
Media Mention
Gov Considers Many Scenarios with Bailout Tools
October 10, 2008 -- GlobeSt.com
This article quotes Gary Eisenberg on the possible pitfalls and shortcomings of the government's $700 billion rescue of the financial services industry.
October 10, 2008 -- GlobeSt.com
This article quotes Gary Eisenberg on the possible pitfalls and shortcomings of the government's $700 billion rescue of the financial services industry.
Media Mention
No real spark from Macklowe resales
October 2008 -- The Real Deal
Dennis Russo is quoted about whether the sale of some of Harry Macklowe's office portfolio helped set -- or at least identify -- the market for office product in Manhattan.
October 2008 -- The Real Deal
Dennis Russo is quoted about whether the sale of some of Harry Macklowe's office portfolio helped set -- or at least identify -- the market for office product in Manhattan.
Media Mention
Macklowe May Lose $500 Million Site On Park Avenue
September 12, 2008 -- Bloomberg News
Gary Eisenberg is quoted in a Bloomberg News story about the significance of Deutsche Bank's lawsuit that seeks to foreclose on Harry Macklowe's prime development parcel on Park Avenue and 56th Street, former site of the Drake Hotel. Gary notes that the lawsuit does not prevent the parties from continuing to negotiate a possible settlement.
September 12, 2008 -- Bloomberg News
Gary Eisenberg is quoted in a Bloomberg News story about the significance of Deutsche Bank's lawsuit that seeks to foreclose on Harry Macklowe's prime development parcel on Park Avenue and 56th Street, former site of the Drake Hotel. Gary notes that the lawsuit does not prevent the parties from continuing to negotiate a possible settlement.
Media Mention
Bernanke's Easing Thwarted by Surging Commercial Mortgage Rates
January 25, 2008 -- Bloomberg News
Scott Tross is quoted on rising interest rates in commercial lending and the deteriorating commercial real estate market.
January 25, 2008 -- Bloomberg News
Scott Tross is quoted on rising interest rates in commercial lending and the deteriorating commercial real estate market.
Media Mention
Industry Debates Bush Bailout
December 5, 2007 -- GlobeSt.com
Scott Tross is quoted on the likely effects of the Bush Administration's plan to freeze rates on performing sub-prime mortgages.
December 5, 2007 -- GlobeSt.com
Scott Tross is quoted on the likely effects of the Bush Administration's plan to freeze rates on performing sub-prime mortgages.
Media Mention
Realty Law Digest
November 12, 2007 -- New York Law Journal
Neil Shapiro is quoted, explaining that well-crafted lending documents give lenders broad discretion in how they handle loan collateral upon borrowers' defaults. Neil also analyze the need for loan officers to consult with counsel when loan issues arise, because letters, emails, and phone conversations may be exhibits in subsequent litigation.
November 12, 2007 -- New York Law Journal
Neil Shapiro is quoted, explaining that well-crafted lending documents give lenders broad discretion in how they handle loan collateral upon borrowers' defaults. Neil also analyze the need for loan officers to consult with counsel when loan issues arise, because letters, emails, and phone conversations may be exhibits in subsequent litigation.
Media Mention
The Big Comedown
September 1, 2007 -- Retail Traffic
Scott Tross is quoted in a story regarding investors' concerns with CMBS loans.
September 1, 2007 -- Retail Traffic
Scott Tross is quoted in a story regarding investors' concerns with CMBS loans.
Media Mention
Building Prices Poised For a Drop-Off
September 2007 -- The Real Deal
Scott Tross is quoted analyzing how the subprime default threat was spreading and would likely threaten commercial real estate deals -- or at least prices for the deals -- in New York City.
September 2007 -- The Real Deal
Scott Tross is quoted analyzing how the subprime default threat was spreading and would likely threaten commercial real estate deals -- or at least prices for the deals -- in New York City.
Media Mention
Let The Home Auction Bidder Beware
July 30, 2007 -- The Christian Science Monitor
Scott Tross is quoted -- and his relevant book title is mentioned -- in this story looking at possible pitfalls on bidding on homes in financial distress or approaching foreclosure.
July 30, 2007 -- The Christian Science Monitor
Scott Tross is quoted -- and his relevant book title is mentioned -- in this story looking at possible pitfalls on bidding on homes in financial distress or approaching foreclosure.
Media Mention
Litigation Just Starting in Subprime Meltdown
April 12, 2007 -- New York Law Journal
Scott Mollen is quoted in a story on how the mortgage industry has been adversely affected by the collapse of lenders that provide subprime home mortgates to borrowers with poor credit.
April 12, 2007 -- New York Law Journal
Scott Mollen is quoted in a story on how the mortgage industry has been adversely affected by the collapse of lenders that provide subprime home mortgates to borrowers with poor credit.
Media Mention
The Outlook For Distressed Commercial Debt in 2007
January 2, 2007 -- CNBC's Squawk Box
Scott Tross is part of a panel discussing how much commercial debt will become distressed in 2007, and the market for buying and selling that paper.
January 2, 2007 -- CNBC's Squawk Box
Scott Tross is part of a panel discussing how much commercial debt will become distressed in 2007, and the market for buying and selling that paper.
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