Retail keeps on rolling while office REITs get rocked

Welcome to Traded’s weekly newsletter where we give you the top New York CRE news and deals to start your morning ahead of the curve, in 5 minutes or less ☀️☕💰

What We’re Serving Up Today

• CRE prices are dropping across the country

• Office REITs are getting rocked while retail keeps on rolling

• The reality behind distressed sales

• NYC real-time transfers straight to your inbox

The DIRT 📈

Daily Interest Rate Tracker

What You Need to Know 🗞️

Commercial Property Prices Plunge in Decade-Worst Decline

In a first since 2010, all major U.S. commercial property types recorded annual price dips in April. Apartments are feeling the brunt of it, with the steepest drops month-over-month and year-over-year.

Keep a close watch on this as we witness the largest drop since '08-'10, happening at an even faster rate.

Top Six Stories

1. REITs Rocked by Rating Rumble: Credit downgrades loom over office REITs, highlighting increasing default risks amidst sluggish leasing and soaring interest rates.

2. The Good News? Bullish on Retail: Despite economic uncertainty and retail woes, Blackstone stays bullish on retail property, banking on its resilience and strong cash flows.

3. Flatiron Finally Sold to Majority Owners: Gural grabs Flatiron in redo auction, eyeing residential conversion for this iconic building's upper portion.

4. ICSC Highlights: Retail demand is outweighing supply, and health and wellness tenants are now great picks for landlords, boosting vibrancy and sales in retail spaces.

5. Record-Low Confidence: Commercial broker sentiment has hit record lows according to a report by the Real Estate Board of New York.

6. Distressed Sales Haven’t Materialized Just Yet: Many investors expect (even hope) to see distressed CRE asset sales, but data shows that recent growth in distress is an office issue.

Closing Time 💰️

This Past Week in NYC: 38 deals closed over $2M… 15 deals over $4M… 7 deals over $6M… 1 deal over $75M… OVER $240M in closed transactions… Get to work 💥 

Trending from last week

One More Thing…

OVER AND OUT!

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HAPPY TRADING! …we’ll be back next Tuesday 😈