This episode is sponsored by EisnerAmper.

Resiliency is the word of 2024, but uncertainty might be the word of the day. In this week’s episode of The TreppWire Podcast, we are joined by our Chief Economist to discuss mixed signals from the recent economic data, including contrasting PMI figures, retail sales growth, and the latest Fed rate cut. We also discussed the continued chatter around extend &  pretend, the unexpected resilience of the U.S. economy in 2024, and what to expect for 2025. We break down Flagstar Bank's sale of troubled NY loans, value reductions across office properties in Philadelphia and San Francisco, and major portfolio loans entering special servicing including the $1.23 billion Workspace Property Trust Portfolio and $379.1 million Selig Office Portfolio. We also discuss Party City mulling a second bankruptcy, significant multifamily sales, and California's rejection of Prop 33. Tune in now.

Episode Notes:

- Economic Update & 2024 Economic Review (0:32)

- Flagstar Bank Looking to Sell Portfolio of Eight Underperforming NY Loans (9:14)

- Office stories: Seattle portfolio special servicing transfer, Federal Center Plaza GSA updates, Philadelphia & SF value reductions (16:01)

- Retail stories: Party City’s second bankruptcy concerns, California mall loan special servicing transfer and a Kentucky shopping center transaction (28:54)

- Mixed-Use: a $23B portfolio loan special servicing transfer and an NYC value reduction (35:40)

- Multifamily stories: NYC $318M loan special servicing transfer, Seattle, South Carolina, Columbus, and DC property transactions (41:21)

- Rent control & California Prop 33 implications (45:24)

- Shoutouts (47:46)

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In this special guest episode of The TreppWire Podcast, we are joined by Bernadette Brennan, Managing Director, and Owen Toland, Real Estate Salesperson at SERHANT. Known for its presence on the Netflix show, "Owning Manhattan," SERHANT is a full-service real estate agency, and Bernadette and Owen are here to discuss the commercial side of the business. We dive into the shift in the real estate landscape post-pandemic, discussing the rise of owner-user purchases, the contrast between Class A and B offices, and the retail leasing market. We also hear stories of high-profile clients and unusual deals that would make great reality TV. Tune in now.

Episode Notes:

- Bernadette's Journey from Music to Real Estate (01:41)

- Owen's Path to Commercial Real Estate (03:35)

- Current State of New York City Real Estate (05:00)

- Retail Leasing Insights and Market Trends (10:58)

- Building the Commercial Division at SERHANT (15:32)

- Unique Client Stories and High-Profile Deals (19:11)

- Conclusion and Final Thoughts (27:46)

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In this week's episode of The TreppWire Podcast, we discuss the latest CPI reading, expected Fed interest rate cut, nonfarm payrolls, and the City of Yes zoning reform plan that was approved by the New York City Council this week. In commercial real estate news, we examine the latest talks of spinning off Macy’s real estate portfolio and the Kroger and Albertsons merger that turned into a lawsuit. 

We also examine several office stories, including a residential conversion, large lease renewal and acquisitions and appraisal value reductions. In multifamily we talk about a student-housing acquisition and a few special servicing transfers and value reductions. Tune in now. 

Episode Notes:

- Economic Update: latest CPI reading, expected Fed rate cut, Macy’s real estate portfolio, Kroger-Albertson’s merger turned lawsuit, nonfarm payrolls (00:23)

- Wall Street firms, AvalonBay Communities, a multifamily REIT, buying or developing single-family homes (13:19)

- City of Yes Zoning Reform Plan Approved by City Council (19:29)

- Office stories: residential conversion, acquisitions, lease renewal and appraisal value reductions (26:44)

- Multifamily: student-housing acquisition & special servicing transfers (38:32)

- Lodging: value reduction of a Portland hotel (44:13)

- Programming Notes (46:36)

- Shoutouts (48:36)

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In this special guest episode of The TreppWire Podcast, we are joined by Seth Glasser, Senior Managing Director at New York Multifamily at Marcus & Millichap. As one of the top-producing multifamily agents in their office, Seth shares insights into his journey in commercial real estate (CRE), the major challenges facing the NYC multifamily market due to evolving legislation, and where the opportunities lie. We also dive into key topics including 1031 Exchanges, triple net leases (NNN), current cap rates, and the importance of knowing the data in your market. Tune in now.

Episode Notes:

- Background and Start in CRE (1:44)

- Government Role in NY Housing (4:23)

- Biggest Challenges in Multifamily Sector (6:45)

- Buyers' Appetite for New Debt (11:43)

- Navigating the Market and Continuing to Grow (19:00)

- Affordable Housing World in NY (24:07)

- Office-to-residential Conversions (28:41)

- 1031 Exchanges, NNN Leases & Cap Rates (30:49)

- Multifamily Opportunities in NYC (36:48)

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This episode is sponsored by EisnerAmper.

In this week's episode of The TreppWire Podcast, we unpack recent economic, manufacturing PMI, and job data to debate if it is an indication that we’re sticking the soft landing or a false narrative. We discuss the billion- dollar commercial real estate (CRE) headlines of the week from Valley National Bank and Deutsche Bank, as well as a $1 billion venture to identify and support office-to-residential projects. We dive into Trepp’s CMBS Delinquency Report, with the office delinquency rate surpassing 10% in November. We close the episode with credit and transaction stories, including Burlington opening 100 net new stores in 2025, large acquisitions, and a retail and parking loan sent to special servicing. Tune in now.  

Episode Notes 

- Economic Update (0:56)

- Valley National Bank $1B CRE Loans Sale (7:56)

- Deustche Bank Sale of $1 Billion CRE Loan Portfolio (10:11)

- Office-to-residential Projects Fund (13:42)

- Trepp CMBS Delinquencies (19:02)

- Burlington Opening 100 New Stores in 2025 (31:15)

- Spinoso Real Estate Group Purchasing White Marsh Mall (25:27)

- Seattle Retail and Parking Loan Sent to Special Servicing (33:50)

- $79.5 Million Central Park of Lisle Loan Lowered (35:41)

- $48.2 Million Cedar Crest Professional Park Loan Slashed (37:50)

- Hotel Purchased in Chelsea NYC (40:31)

- $82 Million Apartment Sale in Tampa (43:52)

- Programming Notes (45:28)

- Shoutouts (47:40)

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In this week's episode of The TreppWire Podcast, we break down the latest consumer confidence and retail earnings data to understand “the tale of two consumers.” We talk Walmart vs. Target, more tariff talks, and examine the ‘largest’ stories all coming from Blackstone. We also break down several large retail loan changes, discuss the bifurcation seen across office headlines, and share transactions in multifamily and industrial. Happy Thanksgiving to all our listeners! Tune in now.  

Episode Notes  

• Economic Update (0:23)  

• Consumer Confidence and The Tale of Two Consumers (1:38) 

• Home sales and home prices (4:35) 

• Target vs. Walmart Earnings and Store Performance (8:24) 

• Tariffs and Impact on Retail (13:40) 

• Retail stories: Blackstone Soho Purchase (17:05) 

• Rimrock Mall Loan Resolved with a Loss (19:05) 

• Riverside Park Mall Loan to Special Servicing (23:11) 

• Retail Transactions (26:23) 

• Office News: Tishman Speyer Closing $3B CMBS Refi (30:36) 

• SL Green Buying Park Avenue Office Condo for $130M (34:17) 

• $400M Bank of America Plaza Loan Value Slashed by Nearly 70% (37:17) 

• 1515 Broadway Loan Gets Three-Year Term Extension (42:09) 

• Transactions: Multifamily and Industrial (45:45) 

• Programming Notes (49:06)  

• Shoutouts (50:23)  

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In this week's episode of The TreppWire Podcast, we discuss whether the Fed is going to cut rates in December, the potential implications of Trump tariff talks, and the news of NYC banning tenant-paid broker fees. We talk through Blackstone striking a deal to buy Jersey Mike’s, Floyd Mayweather Jr. swinging on an office investment, and other celebrities entering the commercial real estate space. We share several large trading alerts from the week, including a few single-asset, single-borrower (SASB) credit stories.  Tune in now.

Episode Notes:

- Economic Update (0:23)

- NYC Ban on Tenant-paid Broker Fees (7:38)

- Floyd Mayweather Jr. Buys Office Portfolio (12:25)

- Manhattan Office Trading Alerts: 500 Fifth & 5 Penn Plaza (15:26)

 - Minneapolis Park Place East & West Loan Transferred to Special Servicing (21:01)

- San Francisco Office (23:41)

- Restaurants & Retail CRE (29:11)

- Santa Monica Loan Received Large Appraisal Reduction (26:27)

- Multifamily Trading Alerts & Transactions (39:43)

- Mixed-Use Stories, John Mayer, McG to Buy Jim Henson Lot in Hollywood (46:13)

- SL Green Values One Vanderbilt at $4.7B (50:28)

- Programming Notes (51:12)

- Shoutouts (52:22)

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This episode is sponsored by The Henley Group. 

In this week's episode of The TreppWire Podcast, we breakdown more macroeconomic news following the election, as well as the October Senior Loan Officer Survey (SLOOS) that was conducted prior to the election. We dive into Q4 2024 Real Estate Roundtable Sentiment Survey results and tease out Trepp’s newly published Special Servicing Report with October numbers. We close this week’s episode with several office, multifamily, and retail credit stories from the week. Tune in now. 

Episode Notes:

• Economic Update (0:25)
• Real Estate Roundtable Sentiment Survey (7:54)
• Trepp Special Servicing Report (16:38)
• Office stories in NY Suburb, Philadelphia and LA (21:48)
• Multifamily stories in Oregon, Texas and California (27:56)
• Retail stories in New Jersey and New York City (34:13)
• Industrial stories in 3 California cities: Ontario, Fontana, and San Bernardino (38:28)
• Programming Notes (40:07)
• Shoutouts (45:45)  

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This week was a big one. In this week's episode of The TreppWire Podcast, we unpack it all - from how the incoming Trump Administration could impact commercial real estate (CRE) markets, to the Federal Reserve cutting interest rates for the second time this year. We discuss the “higher for longer” narrative, the impact of monetary policy on transactions, and how issuance should hit $100B this year. We also dig into the major CRE headlines from the week - including Blackstone’s $4B all-cash deal and Starwood’s $244M industrial park sale – and wrap up with notable office, retail, and multifamily credit stories. Tune in now.

Episode Notes:

• Economic Update (1:40)
• Fed Press Conference (3:40)
• Bank Stock Surges (6:40)
• Trump Presidency Possible Impacts on CRE (12:01)
• Fed Monetary Policy (14:50)
• Property-type Investment Discussion (15:50)
• $100B in New Issuance (21:23)
• Blackstone All-Cash Deal & Starwood Industrial Park Sale (23:26)
• Notable Credit Stories (29:22)
• Programming Notes (38:19)
• Shoutouts (40:17)

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In this timely and special guest episode of The TreppWire Podcast, we are joined by Avi Schron of Cammeby's International. Avi breaks down the difference between rent control and rent stabilization, shares his perspective on how multifamily rent control developed, and unpacks some of the biggest challenges that multifamily operators in NYC are currently facing. We also dive into rent stabilization’s impact on multifamily properties and share Trepp data that adds to the New York narrative. We discuss the role of data, technology, and innovation in the CRE industry, and wrap up the episode with Avi’s insights and advice into the industry. Tune in now.

Episode Notes:

• Start in Real Estate Business (1:10)
• Rent Control & Rent Stabilization in NY (3:45)
• Challenges in Multifamily Operations (10:20)
• Cap Rate Data (13:28) 
• Rent Guidelines Board (17:48)
• Office-to-Resi Conversions (24:30)
• View on CRE Industry Today (27:46)
• Role of Data, Technology & Innovation in the CRE Landscape (33:28) 
• Rent Collection Challenges & Fraud (35:00) 
• Election Implications for Housing (37:02)
• Real Estate Insights & Advice (38:58) 

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In this week's episode of The TreppWire Podcast, we cover the recent mixed bag of GDP, consumer spending, and homes sales data. We also discuss the hot topics of the week, including the Fed staff report on “extend-and-pretend” and the LA Market with Dodgers winning the World Series. We wrap up the episode with more office loans being transferred to special servicing, but end on some positive credit stories. Tune in now.

Episode Notes:

- Economic Update (0:51)

- Average Home Mortgage Rate (5:08)

- Look into the LA Market (9:09)

- "Extend-and-Pretend" Fed staff Report (11:50)

- Brookfield Bank of America Plaza Loan (19:20)

- Value of Office Property Slashed by 70% (22:17)

- NY-based REIT Acquiring Retail Space (28:37)

- Lodging Credit Stories (35:23)

- Recent Industrial Sales (39:10)

- Programming Notes (42:00)

- Shoutouts (43:39)

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