Overall sales in the Manhattan apartment market have hit a post-boom record in the third quarter according to a Wall Street Journal analysis of public records with sales up 9.3% from a year ago. A report from StreetEasy.com shows that the volume of closings jumped 16.6% from last year and by 10% from last quarter. With fundamentals improving and investments growing, commercial markets are poised to offer a good performance into the remainder of 2012.
Although significant economic risks remain, fears of a "double-dip" recession have receded. In response, investors are shifting modestly to a more offensive position, rather than the highly defensive strategy of the past few years.
Recent Noteworthy Closings
Midtown Section 8 Apartment Complex
Closed a $450M loan issued by Fannie Mae on a large multifamily complex located in Midtown Manhattan.
Mall Transactions
Handled the refinancing of several regional malls throughout the country including properties in Maryland, Florida, Texas, Ohio, Oregon and New Jersey. These loans totaled over $1B.
New Jersey Portfolio
Closed the acquisition of 13 Multifamily buildings throughout the state of New Jersey. This transaction involved multiple sellers and several title issues which were resolved by our counsel.
Brooklyn Bridge Park
Closed an intricate deal involving a leasehold conveyance involving both the State of New York and the City of New York. Numerous conveyance issues were structured to insure that the residential and hotel buildings may be constructed according to the proposed plans.
Office Building on Broadway
Closed the purchase of a large office building which was conveyed by bifurcating the fee estate and leasehold in separate transactions with different purchasers.
The New York City Department of Finance has implemented a new form for filing an amendment to a Declaration of Condominium. The form, entitled "Application for Filing an Amendment to Condominium (RP-602CA)" and requirements and instructions on how to complete the form are linked here.
It has come to our attention that Cape May and Camden Counties are refusing to record deeds from Fannie Mae and Freddie Mac where the governmental instrumentality exemption from the RTF is claimed. It is unknown at this time how other Counties will react. Please read memo linked here
As part of our ongoing effort to reduce fraud and forgeries on insured transactions, linked here is an outline of the steps taken to ensure that all parties are protected in the execution of closing documents.
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Your client's satisfaction is our top priority. Royal's staff is composed of several in-house attorneys and an expert group of employees who each average more than 15 years with the firm and are knowledgeable about all facets of the business. Our reputation in the industry is unparalleled and we are proud to assist our clients in the successful completion of even the most complicated commercial and residential transactions.
From The Desks Of
Caryn Mallin
Director, Sales & Marketing
Royal Abstract
Martin Kravet
President, Royal Abstract
Our highly knowledgeable staff of attorneys and title officers, combined with our close attention to detail and focus on customer satisfaction, separates Royal Abstract from other title insurance agents. With over 66 years in the industry, Royal Abstract continues to demonstrate its leadership in the title insurance business year after year.
