A new report from the New York Fed has underlined an alarm sounded by a member of its Board of Directors—RXR CEO Scott Rechler—that the banking system is at risk of a “systemic crisis” due to a wall of CRE debt that is about to come due—a large portion of it backed by NYC office buildings.

According to the NY Fed report, heavy stress in the New York City commercial real estate sector may tip the scale against a full economic recovery for NYC.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Jack Rogers


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.