Real estate borrowers who are already struggling to pay the mortgages on their Manhattan retail properties have also been hit with a sharp cut to those properties’ assessed values. So reports MarketWatch.
The values for Manhattan retail properties for which lenders ordered new appraisals since July—often done when borrowers seek debt relief or fall behind on their payments—were down 53% from their value at the time of securitization, according to data from real-estate data platforms Trepp and CompStak.
Trepp and CompStak, which looked at $5 billion of Manhattan retail property debt, said that the lion’s share of those properties were in “the Chelsea/Clinton and Greenwich Village/SoHo neighborhoods.”
Read the full article from MarketWatch.