NY Delinquency Rate Performance
January 22, 2015
How is the New York metropolitan real estate investment market doing? Tom Fink discusses the tri-state area commercial mortgage-backed security delinquency rates. It shows that New York State is outperforming its cohorts in NJ and PA. He commented that a lot of the positive performance in NY is concentrated in New York City, particularly in Manhattan. He thinks that’s the market that is driving all of NY State.
“We still see problems outside of the metropolitan area, particularly as you get upstate.” Fink acknowledges what NY State is doing to try to draw businesses upstate with the development and the tax forgiveness plans. In conclusion, it appears that NY has a long way to go before the upstate real estate market is as healthy as the NY City area.
As you can see, New York state as a whole is outperforming its cohorts in New Jersey and Pennsylvania and I think if you drive around the New Jersey markets, Pennsylvania market, you can see that, but I think that what you don't see in this particular chart is that the lot of the good performance in New York is concentrated in New York City, particularly in Manhattan. That's the market that I think is driving all of New York state. We still see problems, you know, outside of the metropolitan area, particularly as you get upstate, you know, you look at what New York state is doing, trying to draw businesses upstate with a development plan and the tax forgiveness. I think New York as a state has a long way to go before upstate is the healthiest city area.
Aaron Kaiser: Tom, thank you very much for your insights and thought leadership.
Tom Fink: Aaron. It was my pleasure. I always liked working with you and the folks at EisnerAmper.
Aaron Kaiser: Thank you so much. For more information, go to EisnerAmper.com