| Speaking of our NYC Summit, Cole Schotz partner Leo Leyva will be moderating our national panel discussion. He tells us New York's office space market is probably trending ahead of most of the country, though not enough to “sustain real growth.” Specializing in the bankruptcy litigation workout/foreclosure industry, Leo says much of his focus now is on distressed real estate (restructuring stalled and/or defaulted projects, repping developers). And there's reason for guarded optimism: activity from lenders. “For the first time in two years, we're starting to see some movement from banks and a willingness to allow bad loans to be taken off the books.” Another trend we haven't seen in a while: lenders willing to allow a distressed asset to be sold for some piece of the back end. “I would say there's more receptiveness to the ‘let's think outside of the box,' mindset, especially in the securitized loan world, where it was virtually impossible to have any substantive discussion or negotiation with master servicers/special servicers.” |
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