Banks are offloading CRE loans and Airbnb battles NYC

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

• Airbnb takes on NYC in legal battle

• HSBC is offloading large-scale CRE loans

• Real-time transfers from the past week

• Traded’s trending deals to watch

The DIRT 📉 

Daily Interest Rate Tracker

What You Need to Know 🗞️

1. 🏛️🏘️ Airbnb Battles NYC: The home-sharing giant has filed a lawsuit challenging Local Law 18. They're seeking an injunction, citing a de facto ban on short-term rentals and a projected $85M annual revenue loss.

2. Banks Offloading CRE Loans: Some US banks, including HSBC, are reportedly offloading large-scale CRE loans, potentially at a discount, indicating a pullback from direct lending to domestic property developers.

3. 🏭 Blackstone's Urban Warehouse Goldmine: Wall Street giant Blackstone hit gold, transforming undervalued urban warehouses into lucrative assets.

4. Brooklyn Apartments Revolutionizing Coworking: Manhattan office landlords face competition as Brooklyn apartments enhance appeal with coworking amenities, blending residential and professional spaces.

5. 🌊 Office is Underwater: JLL has identified 15.1M SF of NYC office space as ‘underwater’ due to slow leasing and rising interest rates. This is due to loan balances exceeding their valuations, and the situation might worsen with no projected market upturn until 2024 at the earliest.

6. NYC Housing Bouncing Back: Residential market saw a resurgence in May with new contracts outpacing new listings, especially in Manhattan and Brooklyn, despite a year-on-year decline. This indicates recovery after an April slump linked to the First Republic failure.

Closing Time 💰️

This Past Week in NYC: 49 deals closed… 33 deals over $3M… 18 deals over $5M… 11 deals over $8M… 1 deal over $50M… OVER $360M 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 😈