From left: Thor Equities’ 590 Fifth Avenue, the Mark Hotel and Wonder Works’ Vitre
Churchill Real Estate’s Justin Ehrlich has seen a lot during his time as a developer and lender in New York. He witnessed the collapse of the real estate market during the 2008 financial crisis, followed by the mad rush to build luxury condo towers in some of Manhattan’s swankiest neighborhoods.
But nothing compares to the past nine months, he said. “It’s not normal,” Ehrlich noted. “It’s the worst I’ve ever seen.”
He pointed to an unusual rise in Uniform Commercial Code foreclosures by mezzanine lenders, which he sees as a canary in the coal mine for a mound of distress expected to hit the market in the next year. While judicial foreclosures are still banned under an emergency order by New York Gov. Andrew Cuomo, UCC foreclosures on some high-stakes projects have been moving ahead in recent months since they can bypass state courts.
From left: Thor Equities’ 590 Fifth Avenue, the Mark Hotel and Wonder Works’ Vitre
Churchill Real Estate’s Justin Ehrlich has seen a lot during his time as a developer and lender in New York. He witnessed the collapse of the real estate market during the 2008 financial crisis, followed by the mad rush to build luxury condo towers in some of Manhattan’s swankiest neighborhoods.
But nothing compares to the past nine months, he said. “It’s not normal,” Ehrlich noted. “It’s the worst I’ve ever seen.”
He pointed to an unusual rise in Uniform Commercial Code foreclosures by mezzanine lenders, which he sees as a canary in the coal mine for a mound of distress expected to hit the market in the next year. While judicial foreclosures are still banned under an emergency order by New York Gov. Andrew Cuomo, UCC foreclosures on some high-stakes projects have been moving ahead in recent months since they can bypass state courts.
construction, has time off, playing golf on the border. that s mexico, the rio brand. if you hit the ball hard enough, it goes to mexico. let her rip, frank. not quite to mexico, but not bad. what are the challenges, being a small business guy? i got people i have to pay. i have material i have to pay. reporter: you need a strong economy for your business to be doing well? to be thriving, yeah, exactly. reporter: this is the rio grande? yeah. when you are out here golfing, are you thinking about, you know, all the politics people talk about with the border? no. reporter: what do you think about? let s go to work. what time is tee time. go golf. never golfed under the bridge to mexico before. what i will say about these folks and folks across the country is not that people don t care about russia or brett kavanaugh or the border, it s not the first thing they bring up. every single time, they bring up the economy, jobs and their