https://lnkd.in/bziVS4z @nessingdesign
关于我们
Established in 2011, Nessing Design is an interdisciplinary luxury interior design and decor consulting firm with offices in New York City and Southampton, N.Y. Founded on the belief that quality design has the power not only to transform spaces, but to enhance lives, we take a personal, hands-on approach to working with clients locally and nationwide to create beautiful, functional places in which to live, work, and play. Handling commissions that range in style from casually elegant to strictly tailored to sumptuously lush, Nessing Design taps some of the brightest minds in interior design, architecture, and high-end construction to tailor our creativity to the specifics of every given project. Nessing Design's services are organized around collaborative relationships, and adapts to each client’s distinct taste, needs, and budget. Whether working with in-house designers, outside contractors and craftsmen or a client's own vendors and subcontractors, we are committed to creating custom designs and delivering creative solutions with an eye for the big picture, little details, and satisfactory results that meet and exceed client expectations.
- 网站
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https://www.nessingdesign.com
Nessing Design的外部链接
- 所属行业
- 设计
- 规模
- 2-10 人
- 总部
- New York，NY
- 类型
- 合营企业
- 创立
- 2011
- 领域
- Interior Design 、Decorator、Custom Design、Artwork 、Furnishings、Space Planning、Furniture Plans 、Hand-Made 、Home Decor、Art Installation、Custom Rugs、Flooring、Bathroom Design、Kitchen Design、Floorplans、Custom Furnishings、Wall Treatments和Lighting
地点
Nessing Design员工
动态
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Ground Lease Defaults Are Piling Up in NYC Real Estate & A NYC CRE Pop Quiz at the end. A wave of high-profile ground lease collapses and mortgage defaults is shaking commercial real estate, exposing the risks of leasehold structures and overleveraged properties. From the Chrysler Building’s ongoing struggles to SL Green’s terminated lease at 2 Herald Square, the Nightingale default at 20 East 46th Street, and the mortgage default at 1407 Broadway, the financial strain is mounting. ? Recent Ground Lease Collapses: Chrysler Building: Cooper Union collapsed the ground lease. The high rent & market conditions made it nearly impossible for leaseholders to generate profits, leading to a dramatic drop in value from $800M to $151M. Even then, the $151M purchase price wasn't sustainable. 2 Herald Square: TIAA alleges it has terminated SL Green’s $120M ground lease, highlighting the risks of inflexible lease terms in an uncertain market. Kinsmen vs. Real Estate Equities: Kinsmen Property Group filed a lawsuit over unpaid ground rent, showing how quickly lease disputes can escalate. Nightingale Default (20 East 46th Street): Namdar Realty and Klosed Properties took control after Nightingale failed to meet obligations. Cohen Brothers (East 57th Street): Charles Cohen’s prime Midtown ground lease collapsed under financial pressure & attempt at change of use group. 1407 Broadway Mortgage Default: Unlike the others, this office tower’s mortgage default shows that even fee-simple property owners are struggling with high debt costs. ? Why Are Ground Leases and Mortgages Failing? 1. Escalating Costs & FMV Resets: Many ground leases have aggressive rent increases, making long-term financial stability difficult. The TRAP is the free market resets with no caps. 2. Refinancing Struggles: Rising interest rates have made it difficult for leaseholders and property owners to refinance debt. 3. Falling Office Demand: As vacancies rise, revenue shortfalls make it harder to cover lease obligations and loan payments. 4. Leasehold Limitations: Unlike outright ownership, ground leaseholders have little control over land-related expenses, eroding profitability, & uses. ? What’s Next for Ground Leases and CRE Financing? Landowners and lenders will likely adjust strategies, including: 1??More Flexible Lease Terms to prevent further defaults. 2??Stricter Lending Criteria for leasehold financing. 3??Increased Foreclosures & Distressed Sales creating opportunities for investors. The commercial real estate market is undergoing a reset. While ground leases and office properties carry risks, those who navigate carefully can find new investment opportunities amid the turmoil. Pop quiz: Which of the photos do not belong to the rest due to timeline?
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