Approximately 20% of the downtown Manhattan office market was destroyed in Tuesday's terrorist attacks, but the majority of displaced tenants should be able to relocate in Manhattan, according to separate analyses by two commercial real estate services firms. Grubb & Ellis Co., Northbrook, Ill., said its initial statistics show that about 15.5 million square feet of office space was destroyed (about 9.52 million square feet of it in the twin towers of the World Trade Center) and another 12 million square feet was damaged. The company said currently available space in Manhattan totals about 25.5 million square feet, although "only a small percentage of this available space may be in the large floor plate format like that found in the World Trade Center and surrounding buildings." CoStar Group Inc., Bethesda, Md., has estimated that over 80% of displaced tenants will have "viable relocation options" in Manhattan unless "significant additional structures" are deemed uninhabitable. "If all of the tenants currently displaced from the World Trade Center were to relocate within Manhattan, we believe the overall vacancy rate could drop to an unprecedented 4.3% [from a current 7.4%]," said Jay Spivey, CoStar's director of analytics. CoStar estimated that the office inventory in Manhattan has been reduced 3.6% to 476 million square feet. CoStar's website address is http://www.costargroup.com.
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A loan that combines features of buy-before-you-sell offerings and home equity solutions might be the type of financing needed for buyers to compete in current and future housing markets, Calque's founder says.
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A plaintiff alleges that from March to April he received at least 48 calls from the mortgage lender soliciting him to use Loandepot's services.
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The lender lost a battle to toss the lawsuit, but convinced a judge to compel the regulator to produce data on its competitors.
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A group of plaintiffs in another action against the National Association of Realtors and three franchisors claimed harm if the May 9 final settlement hearing took place.
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Out of the 221 metro areas tracked, 205 had existing home price increases and just 15 reported year-over-year declines, the National Association of Realtors said.
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Federal Reserve Governor Lisa D. Cook highlighted concerns over private credit growth, commercial real estate distress and escalating cyber threats in remarks on financial stability at the Brookings Institution Wednesday.
May 8