The leading bid shows how much the value of New York’s rent-regulated apartment sector has deteriorated in recent years.
Photo: Scott Heins/Getty ImagesA venture of two nonprofits and Related Fund Management is poised to win an auction for billions of dollars of Signature Bank loans backed by New York apartments, according to people familiar with the matter.
The venture’s leading bid of less than 70 cents of the loan’s face value shows how much the value of New York’s rent-regulated apartment sector has deteriorated in recent years.
Persons:
Scott Heins
Organizations:
Fund Management, Signature Bank
Locations:
New York