Northeast
$135M Financing Secured for 1MSF Yonkers Shopping Center
It’s almost like the good old days of 2007 when loans over $100 million for commercial real estate practically rained from the sky. Undeniably, those times have not returned, but news that Brooks Shopping Center L.L.C., owner of the 1 million square-foot Cross County Shopping Center in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage to finance the property’s redevelopment certainly brings back good memories.
Economy Watch – Homebuyer Tax Credit Sees Some Cheating
In testimony reminiscent of dogs getting credit-card applications approved back during the mid-2000s credit bubble, a Treasury Department inspector told Congress that kids as young as four years old have been able to receive $8,000 first-time homebuyer tax credits. “Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit,” J. Russell George told the House Ways and Means Committee’s oversight panel on Thursday.
Manhattan Retail Hit Hard in ’09, But Turnaround on Tap
It’s been a rough year for retail, even in tony Manhattan. The crumbling of Wall Street in the fourth-quarter of 2008 spurred the downward spiral of the market and the recession just added salt to the wound, according to a third quarter report by Marcus & Millichap Real Estate Investment Services.
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