Default-y tower

Default-y tower

The New York owner of Boston’s landmark Hancock Tower defaulted on a key loan payment this week, in what’s become one of the most spectacular commercial real-estate flops in the city’s history.

Broadway Partners LLC, the once high-flying investment firm that purchased the Hancock for $1.3 billion in 2006, was involved in intense negotiations yesterday with lenders over the future ownership of the tower.

Broadway, which has been trying to dump other properties across the nation as it reels from the real-estate crash and nationwide credit crunch, tried to calm nerves yesterday in a released statement.

“Despite difficult market conditions, we continue to work hard with our lenders and partners to address debt obligations,” the statement read. “In the meantime, Broadway Partners continues to operate great buildings with high service standards.”

Advice for renters if landlord faces foreclosure

Advice for renters if landlord faces foreclosure

You’re paying your bills, but your landlord isn’t. And you’re the one holding the eviction notice.

This is becoming an all-too-familiar scenario for thousands of renters nationwide who have become the unintended victims of foreclosures. Banks are booting good tenants onto the streets with little to no notice after seizing a property from a delinquent owner, ignoring tenant leases.

In the most troubling cases, families are forced into shelters for temporary housing because they have little savings to cover moving costs, first month’s rent and a security deposit at another apartment.

Investors returning to Inland housing scene

Investors returning to Inland housing scene

After retreating in fear from housing’s sudden collapse, those who buy homes as an investment are reappearing in Inland Southern California’s beaten down marketplace.

Sharply discounted foreclosed properties are luring back the first wave of professional investors and amateurs, both those hoping to “flip” for a quick buck and those wanting to buy and hold for a future rebound.

Nicholas Manfredi, a professional investor, said that about five months ago lenders began lowering prices enough on houses they repossessed to entice him after a four-year hiatus, during which he lived on gains accumulated during the spectacular housing price run-up of the early 2000s.

Retirees find second career as landlords

Retirees find second career as landlords

Some retirees have found the perfect second career: Landlord.

At a time when stock investments are uncertain and many homes are not selling, some retirees and near-retirees are keeping their money in rental property and banking on a steady second income.

“Real estate can be a wonderful asset to have in retirement, because when you have tenants, you have money coming in every month and, if you don’t have pensions, that’s important,” says Barbara Pietrowski, a Certified Financial Planner in Roanoke, Va. Just like any other aspect of real estate, the key to being a successful landlord is location, location, location.

Retirees find second career as landlords : SearchChicago Homes : News

Retirees find second career as landlords

Some retirees have found the perfect second career: Landlord.

At a time when stock investments are uncertain and many homes are not selling, some retirees and near-retirees are keeping their money in rental property and banking on a steady second income.

“Real estate can be a wonderful asset to have in retirement, because when you have tenants, you have money coming in every month and, if you don’t have pensions, that’s important,” says Barbara Pietrowski, a Certified Financial Planner in Roanoke, Va. Just like any other aspect of real estate, the key to being a successful landlord is location, location, location.

New York Times Tower Leaseback Plan May Disappoint

New York Times Tower Leaseback Plan May Disappoint

The New York Times Co. may have missed its chance to cash in on its Manhattan headquarters.

The media company’s plan to raise up to $225 million by selling its portion of the 52-story skyscraper and paying rent to stay there may come too late, said Dan Fasulo, managing director at Real Capital Analytics, a real estate data service in New York.

“Buyers do have a certain appetite for leasebacks,” Fasulo said in an interview. “The problem is that debt markets are still tied up. It doesn’t matter how many willing buyers you have, if there is no debt available, the deal is not going to happen at a price that the New York Times will be happy with.”

Times Co. is raising cash as a $400 million credit line expires in May and the recession pushed November advertising revenue down 21 percent from a year earlier. The third-largest U.S. newspaper publisher may also sell all or part of its 17.5 percent stake in the Boston Red Sox baseball team, a person familiar with the situation said.