🚨Mall Meltdown Alert
Where Are the Opportunities in Mall Foreclosures?
With the world turning its back on traditional office spaces, a developer is thinking outside the box, literally, by considering turning prime NYC real estate into a giant ad space.
It's a sign of the times when advertising could be more lucrative than leasing to businesses.
Meanwhile, across the nation, the commercial real estate sector is feeling the pinch, but not in the way you might think.
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Foreclosures are skyrocketing, with a staggering 139% increase in January alone.
From the glittering malls to the once-crowded office buildings, the fallout from delayed payments during the pandemic is hitting hard.
But It's not just the big, shiny buildings and malls that are facing tough times.
Small banks that went all-in on multifamily real estate deals are now teetering on the edge.
In this edition of the AltReports:
🛍️ Mall Meltdown
🔨 Hammered Hopes
📉 Decline Drama
🔮 Risky Revelations
🤕 Healthcare Hiccup
Video of the Week: The 2024 Real Estate & Bank Crisis has Begun
Chart of the Week: Landmark Building in Portland Just Sold at an 85% Discount!
Podcast of the Week: How to Retire on Real Estate and “Negotiate” Your Home Loan
US Commercial Property Foreclosures Spike in January
Landlords across the U.S. got a mighty cold slap in the face with commercial property foreclosures zooming up 139% in January compared to last December.
It looks like that pandemic party of delayed payments finally called last orders.
It's not just mom-and-pop operations getting the boot, even the big boys at the mall with their fancy shop windows are in the nosebleed section.
NYC's CRE Crisis is so Bad a Developer is Considering Turning Prime Land into a 150-Foot Billboard
A big-shot developer in NYC is playing with the idea of turning prime real estate into a giant billboard because everyone's ditching their suits for slippers and working from home.
Vornado Realty Trust is eyeballing the possibility at 350 Park Avenue, where making a buck from advertising could be the new gold rush when office spaces look like ghost towns.
Commercial Foreclosures Up 97% Year-Over-Year
Commercial property owners are getting hit with a wave of foreclosures. Looks like the party's over, folks.
After years of frothy financing and wild economic shenanigans, the bills are finally coming due.
So, what’s the lesson here? Money might not grow on trees, but foreclosure notices seem to be sprouting like weeds.