Manhattan apartment investors in 2010 were willing to pay an average of $305,679 per unit, or 22 percent more than what they agreed to pay in 2009. Nationally, multifamily investors paid about $111,743 per apartment unit, Real Capital said.
“It’s a significant sale,” Ben Thypin, an analyst at Real Capital, said of the Sagamore. “It’s trading at a fairly big price per unit, although it’s consistent with recent sales of this magnitude.
“It’s also a reflection of Manhattan being in much better shape than the rest of the country,” he said.
Read More: http://www.bloomberg.com/news/2011-02-25/related-sells-manhattan-s-sagamore-building-as-apartment-demand-increases.html
Ben Thypin, market analysis director at the research firm, acknowledges that "things are better," given the robust rise in sales volume.
But, he said, "pricing has not really increased on the same scale. And a lot of the deals we see now are taking place in primary markets, with high-quality properties."
Read More: http://www.investors.com/NewsAndAnalysis/Article/564092/201102241456/Commercial-Real-Estate-Finds-Path-Still-In-Woods.htm
For CB Richard Ellis, the acquisition gives the Los Angeles-based company a “a much more consistent stream of income,” because of the steady fees of asset management, said Ben Thypin, an analyst at Real Capital Analytics Inc., a commercial-property research firm in New York.
“They become the largest property fund manager in the world,” Thypin said.
Read More: http://www.businessweek.com/news/2011-02-15/cb-richard-to-buy-majority-of-ing-real-estate-unit.html
The acquisition of Netherlands-based ING Group's real estate investment business "is certainly a good strategic move for CB because it gives them a much more stable stream of income," said Ben Thypin, director of market analysis at Real Capital Analytics Inc.
"They were a sizable force in this business before, but this really puts them at the top and changes the fee composition of their revenue substantially," Thypin said.
Investors place more value on predictable recurring revenue, which asset management fees provide, he said. CB Richard Ellis closed at $25.34, up 71 cents, or 3%.
Read More: http://www.latimes.com/business/realestate/la-fi-cb-richard-ellis-20110216,0,6619206.story
The rebound in commercial-mortgage backed securities is benefiting borrowers with smaller properties and in areas outside the biggest cities. CMBS issuers fare better in these markets because they can get the higher rates they need to cover the costs of packaging and selling loans. Institutions that keep mortgages on their balance sheets, including insurance companies and non-U.S. banks, focus on top-tier buildings in large metropolitan areas.
“Loans from CMBS lenders are more often on smaller assets or Class B office properties,” said Ben Thypin, an analyst at Real Capital Analytics Inc., a commercial-property research company based in New York. “They haven’t been able to compete that well with insurance companies and international lenders in the office market on the highest-quality buildings.”
About 71 percent of commercial-property lending by insurance companies was done in primary markets in 2010, compared with 67 percent for foreign banks and 47 percent for CMBS lenders, according to Real Capital. About one-third of loans from CMBS firms were in tertiary markets, compared with 6.6 percent for insurance companies and 12 percent for non-U.S. banks, the data show.
Read More: http://www.bloomberg.com/news/2011-02-09/wall-street-boosts-borrowers-amid-revival-of-u-s-real-estate-bond-market.html
As part of the foreclosure, iStar was awarded judgments against Scharf and Eistenstadt, as well as investors Kevin and Donal O'Sullivan, who co-founded Manhattan-based Time Square Construction & Development.
Analysts say there are other extended stay hotel chains that are interested in acquiring the property.
"Assuming they don't want to hold onto it, they're going to sell it to another extended-stay operator," said Ben Thypin, senior analyst at Real Capital Analytics.
Read More: http://therealdeal.com/newyork/articles/istar-and-jay-sugarman-wins-foreclosure-case-against-esplanade-capital-at-47-east-34th-street
Ben Carlos Thypin
I am currently the co-founder of Quantierra, the world's first data driven real estate brokerage and investment manager. In my former life as Director of Market Analysis at Real Capital Analytics, I worked with press outlets large and small to provide them with great data and insightful commentary. Here are some of the results of this collaboration. For the rest, please check out the News Archive.