Fed Announcement, SL Green Earnings, and New Loans

Fed Announcement, SL Green Earnings, and New Loans This week, we open with news straight from the horse’s mouth, as Federal Reserve Chairman Jerome Powell tells us more progress on inflation is necessary before the central bank can commit to starting their planned interest rate cuts. In the meantime, there’s still all sorts of dislocation to maneuver through, and owners like SL Green are prepared for it. CO’s Brian Pascus was on the firm’s earnings call this week, where he learned the firm is preparing to launch a $1 billion fund devoted to buying distressed office properties. The state of office appears on the up and up, at least on Sixth Avenue in Manhattan, which has reported brisk leasing numbers lately, while the borough of Brooklyn is the apple of Hudson Companies CEO David Kramer’s eye – Kramer sat down with CO for a lengthy interview that touched on various assets classes in the massive borough. And, of course, there’s more than a few juicy loans for you. Enjoy, dear reader! Fed Keep Interest Rates Steady With No Signal of When Cuts Might Begin The Federal Reserve held interest rates steady for a fourth straight meeting Wednesday and did not indicate a timetable for future cuts that could help jump-start commercial real estate transaction activity. [Read More](   Top Deals Of The Week   - $1.1 billion CMBS Loan on 280 Park Avenue Hits [Special Servicing](, Modification in the Works - BGO [Supplies]( $74M Construction Loan for Florida Cold-Storage Facility - Argentic Provides $45M Refi for [University of Chicago]( Student Housing - SMA Equities[Lands]( $71M Loan for Gramercy Green Energy Apartment Building - Reinsurance Group of America Provides $21M Refi for [San Jose]( Retail Center   People Moves   Colliers Picks Gregg Shutan to Lead East Region Brokerage Team The search is over for a new president of Colliers’ east region brokerage business. Colliers tapped Gregg Shutan, a former CBRE executive, to become president of the brokerage’s eastern region. [Read More]( Q&A   Hudson Companies’ David Kramer Goes Big in Brooklyn and Beyond David Kramer views Hudson Companies as a residential developer in all New York City boroughs for all income classes. But Hudson has put a lot of focus on Brooklyn. [Read More](   Other Stories From This Week   SL Green Turning to Asia for New $1B Debt Fund Targeting Distress New York City’s largest office REIT reported major sales at the end of last year, but the new fund could mean some near-term purchases. [Read More]( BXP Beats Q4 Earning Estimates, Boosts NYC Leasing BXP slightly exceeded analysts’ expectations in its fourth-quarter earnings aided by a boost in New York City leases, the real estate investment trust said in its quarterly earnings call Wednesday. [Read More]( Manhattan’s Sixth Avenue Bucks Office Trends With Brisk Leasing It’s the comeback story the market needed — a tale all the more gripping given that the corridor’s towers were struggling even before the pandemic. [Read More]( Large-Scale Office Conversion Is an ‘Urban Myth’: Forum A recent “What’s The Deal” seminar, sponsored by MacKenzie Companies, focused on the state of the commercial real estate industry in the Baltimore area, with remote work’s impact on office buildings taking center stage. [Read More]( Florida’s Live Local Act Has People Picking Sides Developers love the affordable housing law — the first of its kind in the nation that encourages development of rent-restricted workforce housing — for the same reasons that local officials are starting to loathe it. [Read More]( What We're Reading This Week   - The real [Evergrande]( reckoning is for China’s foreign creditors [WSJ] - The real estate [downturn]( comes for America’s premier office towers [WSJ] - Weekly [mortgage demand]( drops as buyers struggle to find affordable homes [CNBC]   [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Share your thoughts: Help us improve with our quick feedback survey!]( [Commercial Observer]( © Copyright 2024 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 02/01/2024