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The values for Manhattan retail properties for which lenders ordered new appraisals since July—often done when borrowers seek debt relief or fall behind on their payments—were down 53% from their value at the time of securitization, according to data from real-estate data platforms Trepp and CompStak.
Trepp and CompStak, which looked at $5 billion of Manhattan retail property debt, said that the lion’s share of those properties were in “the Chelsea/Clinton and Greenwich Village/SoHo neighborhoods.”