NEW YORK, NY – Rose Associates and Friedland Properties announced the topping out of 228 West 80th Street, a 19-tale, 72-unit luxury residential tower located in Manhattan’s Upper West Side. 228 West 80th Street will be comprised of two- and three-bedroom rental apartments, and it will feature spectacular amenities specifically designed for children, teens, and adults.

“We are pleased to celebrate the topping out of 228 West 80th Street and to embark on the next phase of construction, as scheduled, with initial occupancy less than a year away,” said Amy Rose, co-president of Rose Associates. “The property is designed to embody the urban elegance of the Upper West Side. Its spacious apartments will offer modern conveniences within a timeless design.”

The exteriors of 228 West 80th Street were designed by Stephen B. Jacobs Group, PC with interiors by Stephen Alton Architect, PC. It is a development of New York-based Friedland Properties. Construction started at the site in October of 2015 The building will include a children’s room, a teen game room, a resident’s lounge and a landscaped rooftop lounge with glass enclosure and outdoor recreation areas. There will also be a bowling alley, golf simulator, half basketball court, and a full gym with a yoga studio.

“It’s a thrill to go one step closer to the completion of this gorgeous building,” said Elizabeth Friedland Meyer, a principal of Friedland Properties. “The Upper West Side has always been one of New York’s finest neighborhoods and we are confident that 228 West 80th Street will be recognized as the most exceptional rental building in all of New York City.”

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NEW YORK. NY – Trepp, LLC, a leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its March 2017 US CMBS Delinquency Report.

The Trepp CMBS Delinquency Rate went higher again in March, as loans from 2006 and 2007 continue to reach their maturity dates without being paid off via refinancing. The delinquency rate for US commercial real estate loans in CMBS is now 5.37%, up six basis points from February. This is the eleventh monthly rate increase in the past 13 periods. The delinquency rate is now 115 basis points higher than the year-ago level.

Nearly $2.0 billion in CMBS loans became newly delinquent in March, as the total was once again the leading driver for the heightened rate. About $1.1 billion in CMBS loans that were previously delinquent paid off with a loss or at par last month. Over $500 million in loans were cured in March, though that figure is down by about $350 million month-over-month.

“With more and more loans turning delinquent after their maturity dates, another monthly increase in the CMBS delinquency rate has become par for the course,” said Manus Clancy, Senior Managing Director at Trepp. “This will not last forever, but there is so much debt coming due in the immediate future that cannot be refinanced via CMBS because not many loans are making their way into new deals.”

Delinquency rates for three of the five major property sectors rose in March, including the industrial segment, as that reading ascended 109 basis points to 7.03%. The lodging and office rates each increased 27 basis points to 3.70% and 7.38%, respectively. The multifamily delinquency reading shed 22 basis points to 2.60% last month, as that sector remains the best performing major property type.

For additional details, such as delinquency status and historical comparisons, download the March 2017 US CMBS Delinquency Report at Trepp.com.

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NEW YORK, NY – Mortgage rates fell to the lowest levels in nearly three months, with the benchmark 30-year fixed mortgage rate now 4.24 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed also dropped, to 4.19 percent, while the average 15-year fixed mortgage rate inched lower, to 3.48 percent. Adjustable mortgage rates pulled back as well, with the 7-year ARM retreating to 3.63 percent and the 10-year ARM sliding to 3.82 percent.   

Mortgage rates went lower this week in response to some disappointing economic reports, choppiness on Wall Street, and the release of the Federal Open Market Committee’s March meeting minutes. In addition to weak economic growth in the first three months of the year and sluggish consumer spending, auto sales are tailing off after being a source of strength for the economy over the past few years. The real blow was when the Fed meeting minutes referenced a belief by some meeting participants that the stock market was ‘quite high,’ a potential warning shot to investors and reminiscent of former Fed Chair Alan Greenspan’s well-known ‘irrational exuberance’ speech in 1996. All of this served to fuel demand for safe haven Treasury securities, driving bond yields and mortgage rates lower.

At the current average 30-year fixed mortgage rate of 4.24 percent, the monthly payment for a $200,000 loan is $982.71.

SURVEY RESULTS

30-year fixed: 4.24% — down from 4.30% last week (avg. points: 0.26)

15-year fixed: 3.48% — down from 3.49% last week (avg. points: 0.21)

5/1 ARM: 3.45% — down from 3.49% last week (avg. points: 0.29)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. More than half of this week’s panelists, 55 percent, expect mortgage rates to remain more or less unchanged in the coming week. A bit more than one-third, 36 percent, forecast an increase and just 9 percent predict further declines in mortgage rates over the next week.

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