Greetings! As of this writing, many of you are already "hunkered-down" and working remotely due to the mandatory lockdown in the "expanded" Tri-state area of New York City, New Jersey, Connectecutt and Pennsylvania due to the COVID-19 pandemic. These are unprecedented times. My immediate wish is for the health and safety of you, your families, friends and colleagues.
As your current leadership tries to navigate our Chapter, I am struck with a real sense in providing relevant news from reputable and expansive sources that will educate, empower and inspire you as CCIM real estate professionals.
We are clearly humbled by the global impact and rapidness of this silent disease has to our business- whether you are broker, lender, developer, capital advisor or investor.
If our value proposition and market position is solid despite the current market, then typically our business strategy should remain intact. If not, we must adapt and adjust to the current market forces and change our business and pivot in this new-normal.
We hope that the $2T CARES Act will provide much needed economic relief to Americans and sustain our economy and stimulate commercial real estate and small business until the markets can recover.
I have no doubt that we will rise above this situation better and stronger, together!
Best,
-J.R.
(646) 481-3801
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2020 CCIM Institute Midyear Governance Meetings in April to be Held Virtually
On March 15, the Centers for Disease Control and Prevention issued new guidelines recommending "that for the next 8 weeks, organizers (whether groups or individuals) cancel or postpone in-person events that consist of 50 people or more throughout the United States.”
CCIM Institute is committed to the health and safety of our members and staff and therefore will move its Midyear Governance Meetings online. Additionally, to protect our exam takers and instructors, the institute has canceled the CCR course and Comprehensive Exam.
Refunds for ticketed events will be processed ASAP, and information regarding hotel rooms will also be forthcoming. At this time, airlines are offering to waive change fees on airline reservations, and we encourage attendees to contact their airlines.
CCIM Institute also prepared a resource page for commercial real estate professionals to provide additional professional guidance around this issue. This page will be updated as more information becomes available.
In addition, we encourage you to monitor the information provided by the Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO) for the ongoing safety of you and your family.
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CCIM Joins IREM to Combat Coronavirus Outbreak
In response to the outbreak of the deadly coronavirus in China, CCIM China joined forces with IREM® (Institute of Real Estate Management) China Shanghai to quickly launch a fundraising campaign, Jan. 24 to 26, to support the fight against this virulent contagion. All proceeds – $59,500 in total – benefit medical workers on the front line by providing the equipment and supplies needed to help contain the spread of the virus.
Coronavirus (COVID-19) Resources and Guidance
CCIM Institute is continuing to monitor the COVID-19 (coronavirus) situation, as well as prepare for contingencies to prioritize the health and safety of our members, course participants, instructors, and staff.
CCIM Institute prepared the following resource page for commercial real estate professionals to provide additional professional guidance around this issue. This link will be updated as more information becomes available. See below:
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Results of February's CCIM Poll
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Are you concerned about the spread of the coronavirus?
Yes - 50%
No - 33.3%
Unsure - 16.7%
Do you think U.S. authorities are properly addressing this problem?
Yes - 25%
No - 25%
Unsure - 50%
How long do you think this problem will persist>
3 months - 0%
6-9 months - 50%
12 months - 25%
Longer than 12 months - 25%
Which CRE asset class will be negatively impacted?
Multifamily - 25%
Retail - 75%
Industrial - 0%
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COVID-19 Stimulus Package for Small Biz
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You can get a $10,000 Emergency Advance.
It's a maximum $10,000 grant from the SBA for your small business while you wait for your larger CARES Act Paycheck Protection Program (PPP) Loan or SBA Economic Injury Disaster Loan (EIDL).
Follow the below steps:
2) Fill out the application:
On the page titled “Additional Information”, make sure to click on.“ I would like to be considered for an advance of up to $10,000.”
This grant provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). If you already filled out an application, you are still eligible for this grant, however, it has not been made clear if you need to go back and request the grant or fill out a new application.
The advance does not need to be repaid under any circumstance, and may be used for business purposes, including:
- Keep employees on payroll
- Pay for sick leave
- Meet increased production costs due to supply chain disruptions
- Pay business obligations, including debts, rent and mortgage payments
Source: Page 28, Section 1110(e)(5) of H.R. 748 (CARES Act)
I hope this helps.
-JR
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Commercial Real Estate News
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Boilerplate Contract Language Coming to the Forefront: Force Majeure Clauses and COVID-19
The rapid spread of COVID-19 and the swift and sweeping action from government agencies at all levels are having a ripple effect on markets. These events are causing significant disruption in most industries, including the cancellation/postponement of major conferences and events like South by Southwest, March Madness, and Facebook’s F8, and Mobile World Congress.
One impact is that many companies are struggling to meet their obligations under their contracts. If your company is in this situation, you may find potential relief within a “boilerplate” provision in your contracts: the Force Majeure Clause.
What is a Force Majeure Clause
A Force Majeure Clause is a contract provision present in most commercial contracts that excuses a party’s performance of its obligations under the contract when certain circumstances arise beyond the party’s control making performance inadvisable, commercially impracticable, illegal, or impossible. Force Majeure Clauses provide a list of extreme events (generally called force majeure events) that, if they occur, can excuse a party’s performance under the contract. Force Majeure Clauses can vary greatly in language and length; however, many include events like epidemics or pandemics, along with war, terrorist attacks, “acts of God,” famine, strikes, and fire in the list of events excusing overall performance or delay in performance.
When Can a Party Obtain Relief under a Force Majeure Clause
If your contract has a Force Majeure Clause, you should review it to determine if it can provide relief if your company is struggling to perform its contractual obligations. To obtain relief under a Force Majeure Clause you must show:
- Your particular event (in this situation the COVID-19 pandemic or the related governmental action) falls within the list of events the Force Majeure clause includes; and
- Your particular event is a direct cause of your company’s inability to perform its contractual obligations.
- For a company to obtain relief from its obligations under a contract through a Force Majeure Clause, the force majeure event must be a legal or physical restraint and not just an economic restraint. Even though many Force Majeure Clauses will have “catch-all” language in the list of force majeure events (e.g., “any event that is beyond the reasonable control” of the affected party), courts have generally interpreted the Force Majeure Clauses narrowly so only an event actually listed in the Force Majeure Clause will be deemed a force majeure event. If the Force Majeure Clause includes pandemic (or something similar like disease or epidemic or even, potentially, “acts of God”) or “governmental action,” then it is likely the COVID-19 pandemic and related sweeping action to combat the pandemic is a force majeure event under the Force Majeure Clause.
Practical Tips When Considering Invoking a Force Majeure Clause
Give timely notice to your counterparty if using COVID-19 as a basis for suspending performance or for non-performance under a Force Majeure Clause. Failure to give timely notice may result in a waiver of any ability to obtain relief for non-performance or delayed performance. Many Force Majeure Clauses have a “carve-out” for payment obligations, meaning the Force Majeure Clause cannot be used to excuse a party’s breach of its payment obligations under the contract. If your company only has a payment obligation under a contract (such as a tenant in a lease or a purchaser of goods), it may need to look elsewhere in the contract for relief.
Many Force Majeure Clauses allow the non-affected party to terminate the contract if your non-performance extends for a long period of time (usually 30-75 days). Before invoking a Force Majeure Clause, consider the risk it could provide the other party to the contract a right to terminate that contract.
Force Majeure Clauses vary in scope, and the language must be carefully scrutinized to determine if your company can rely on it to excuse nonperformance or to delay performance. Seek out legal advice before invoking a Force Majeure Clause.
Communicate often and early with the counterparty to your contract and look for business solutions to resolve the issue – such as delays in shipment, reductions in supply (without cutting supply completely off), etc. This is particularly important if you have a weak case for invoking a Force Majeure Clause.
It will likely be governmental actions taken to combat COVID-19 and supply chain disruption that will provide the strongest position for your company to claim a force majeure event has occurred (e.g.,, limitations on public gatherings; closures of facilities; lack of certain materials, services, or goods due to shutdowns within the supply chain).
Some key contracts may include requirements for Business Contingency Plans (BCP). If you are dealing with a contract requiring a BCP, you should review and consider whether your BCP should be implemented to mitigate the risk from COVID-19.
Force majeure is temporary and only applies for the period of time the force majeure event restrains a party’s performance under the contract.
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COVID-19 Decontamination Services
Green Orchard Group’s team of environmental hygienists and technicians are uniquely qualified to respond to biological hazards including the unprecedented threat of the COVID-19 outbreak. With over 10 years of experience in mitigating biological hazards, our team has the skills, equipment and experience to safely, effectively and affordably eliminate viral pathogens from your home or office environment. In contrast to generic cleaning and disinfecting programs, we only utilize products that are approved by both the EPA and CDC to remove targeted pathogens.
If a dangerous biological hazard has been identified, our team at Green Orchard Group is trained to not only assess but also to sanitize and decontaminate affected surfaces and areas. Our OSHA certified team designs response protocols for residential and commercial clients including medical centers, schools, senior living facilities, large residential complexes, big box retailers, commercial offices, etc. We will work with you to schedule the procedure.
We employ the most advanced equipment and practices to abate biological hazards. With the Covid-19 outbreak, we were one of the few environmental firms prepared to remediate contaminated spaces on day 1. If you are interested in learning about our biological response programs, please contact them at:
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On March 19, Governor Andrew Cuomo signed Executive Order No. 202.7 which will allow remote notarization effective immediately until April 18, 2020. The Executive Order requires strict compliance with several express conditions to the use of audio-visual technology, as follows: “Any notarial act that is required under New York State law is authorized to be performed utilizing audio-video technology provided that the following conditions are met:
- The person seeking the Notary's services, if not personally known to the Notary, must present valid photo ID to the Notary during the video conference, not merely transmit it prior to or after;
- The video conference must allow for direct interaction between the person and the Notary (e.g. no pre-recorded videos of the person signing);
- The person must affirmatively represent that he or she is physically situated in the State of New York;
- The person must transmit by fax or electronic means a legible copy of the signed document directly to the Notary on the same date it was signed;
- The Notary may notarize the transmitted copy of the document and transmit the same back to the person; and
- The Notary may repeat the notarization of the original signed document as of the date of execution provided the Notary receives such original signed document together with the electronically notarized copy within thirty days after the date of execution.”
All documents to be submitted for recording and to be insured under an Title Owner’s or Loan Policy must comply with ALL OF THE ABOVE CONDITIONS or they may be returned unrecorded and uninsured. To evidence compliance with the Executive Order requirements by the document signatory and the notary, your Title Company will require the execution and delivery of the Indemnification/Undertaking/Confirmation executed by each document signatory and the notary taking the Acknowledgment to confirm compliance with the requirements, including but not limited to, the return of the original signed document to the Title Company within 30 days of execution. On the attached undertaking, we made it a 10-day requirement to ensure compliance.
If a transaction exceeds $2,000,000, please contact this office for further confirmation.
In addition, the following guidelines must be complied with:
- All transactions are subject to local county clerk requirements. For example, we must confirm that a respective county will accept counterpart signatures if necessary;
- Lenders being insured must consent to remote notarization via this Executive Order;
- The Notary must be licensed in New York State;
- The New York State Uniform Form Certificate of Acknowledgment must be used;
- Below the notary stamp, the notary should recite the following: “Notarized remotely using audio-visual communication pursuant to Executive Order 202.7;” and
- A record of the notarization process should be retained by the notary and agent as evidence for later production, if necessary. Such record should consist of the audio-visual record of delivery of the photo ID and the actual execution of the documents to be notarized simultaneously with the live interactive conference between the document signatory and the notary, including an express statement that the signatory is physically present in New York State.
As this evolves, we may issue further guidance. Meanwhile, please feel free to contact your title company with any questions or comments.
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FHFA Directs Enterprises to Grant Flexibilities for Appraisal and Employment Verifications
Washington, D.C. – Today, to facilitate liquidity in the mortgage market during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020.
To allow for homes to be bought, sold, and refinanced as our nation deals with the challenges of the coronavirus, the Enterprises will leverage appraisal alternatives to reduce the need for appraisers to inspect the interior of a home for eligible mortgages.
In addition, in the event lenders cannot obtain verbal verification of the borrower's employment before loan closing, the Enterprises will allow lenders to obtain verification via an e-mail from the employer, a recent year-to-date paystub from the borrower, or a bank statement showing a recent payroll deposit. Lenders should continue to utilize sound underwriting judgment to ensure these alternatives are appropriate to the borrower's circumstances.
Today's announcement is the latest action that FHFA has taken to ensure the Enterprises fulfill their mission of providing market liquidity during the coronavirus national emergency. Other actions include a suspension of foreclosures and evictions for at least 60 days and offering forbearance for borrowers facing hardship due to coronavirus.
FHFA and the Enterprises are monitoring the coronavirus national emergency's effect on the housing market and will continue to update our policies when necessary.
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As we continue to watch the effects of the Covid-19 crisis unfold, we, as a community still don't understand the full economic impact. However, in any crisis, folks with lower incomes seem to get hit the hardest. The Opportunity Zone program was designed to create a positive economic impact in lower income areas, addressing this problem head-on.
A dark cloud has a silver lining: on March 23, the Federal Government declared many states a "Disaster Area". By doing this, the Opportunity Zone Program was given a boost of support. Now Opportunity Zone Funds have an additional 24 months (on top of the 31 month rule) to deploy their funds, to ensure that they are able to build crucial infrastructure, development and redevelopment projects - creating jobs and tax revenues for local governments.
Extending this timeframe to a total of 55 months (31 months plus 24 months), almost five years, will definitely benefit other OZ funds that will need this time to start construction on their development projects.
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The Federal Reserve on Monday announced an open-ended commitment to buying Treasury and agency mortgage-back securities, including CMBS. One of a range of initiatives the Fed unveiled, the bond-buying commitment represents an expansion of the program the nation’s central bank announced a week earlier.
Other measures include the establishment of two facilities to support credit to large employers, the Primary Market Corporate Credit Facility and the Secondary Market Corporate Credit Facility; and a third facility, the Term Asset-Backed Securities Loan Facility, to support the flow of credit to consumers and businesses.
“The coronavirus pandemic is causing tremendous hardship across the United States and around the world,” the Fed said in a statement. “Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes, and to promote a swift recovery once the disruptions abate.”
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Stringer on COVID-19 Impact: NYC Tax Revenue Loss could amount to $6B
New York City Comptroller Scott M. Stringer said he now forecasts tax revenue losses of between $4.8 billion and $6 billion total for the city during fiscal 2020 and 2021, amid the ripple effects of the COVID-19 pandemic on the city’s economy. The range of the estimate depends on the severity and duration of the pandemic, and that of the resulting economic shutdown.
An earlier analysis from Stringer conservatively estimated the budget shortfall at $3.2 billion, based on estimated declines in specific economic sectors. The updated analysis presumes a wider downturn in the overall economy, given rapid job losses in many sectors and mandatory shutdowns of many businesses.
“The COVID-19 pandemic is already putting enormous financial strain on our city’s workers,” said Stringer. ”At the same time, the massive slowdown of our city’s economy is going to result in substantial losses of the tax revenue that keep this city running.”
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The Federal Housing Finance Agency (FHFA), along with the two government-sponsored enterprises (GSEs) under its purview, are continuing to authorize measures designed to help the housing market as coronavirus continues to spread.
The FHFA announced that it has directed Fannie Mae and Freddie Mac to provide “alternative flexibilities” for satisfying appraisal requirements and employment verification requirements through May 17.
Those flexibilities include Fannie and Freddie using “appraisal alternatives” for certain mortgages in lieu of appraisers inspecting the interior of homes for eligible mortgages. Such alternatives, according to letters sent to lenders by Fannie and Freddie on Monday, include either a desktop appraisal — which evaluates a property based on listing service information and other public records— or an exterior-only inspection.
Both Fannie and Freddie specify that a traditional appraisal is still preferred. If a traditional appraisal is not obtained and there is insufficient information about a property for a desktop appraisal or exterior-only inspection appraisal to be completed, the loan will not be eligible for GSE backing, per the GSEs’ Monday bulletins.
Cutting down on in-person, interior appraisals limits the potential transmission of COVID-19 via appraisers getting in contact with the virus in people’s homes, addressing a big concern for the real estate industry. The move also potentially allows inspection alternatives to be performed even while appraisers comply with various lockdown and shelter-in-place orders being enacted throughout the country.
Additionally, Fannie and Freddie will temporarily allow lenders to get employment verification through a recent year-to-date pay stub from the borrower, a bank statement using a recent payroll deposit or an e-mail from a borrower’s employer. Such an email must come directly from the employer’s work email address and identify the verifier’s name and title. Another pair of lender bulletins from Fannie and Freddie specifies that lenders are permitted to obtain employment verification after loan closing (but prior to delivery to Fannie or Freddie), although the GSEs “strongly encourage” getting verification before the loan’s note date.
“Today's announcement is the latest action that FHFA has taken to ensure the Enterprises fulfill their mission of providing market liquidity during the coronavirus national emergency,” the FHFA’s announcement said. The agency has enacted several other measures to facilitate mortgage market liquidity during the pandemic, including authorizing Fannie and Freddie to enter into additional dollar roll transactions to provide liquidity to investors of mortgage-backed securities.
The FHFA on Monday also granted mortgage forbearance for owners of multifamily properties, in exchange for suspending evictions.
Such forbearance is available to all multifamily properties backed by Fannie Mae and Freddie Mac, provided renters are unable to pay rent due to the impact of coronavirus.
“Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building, due to the coronavirus,” said FHFA director Mark Calabria.
“The multifamily forbearance and eviction suspension offered by [the GSEs] should bring peace of mind to millions of families during this uncertain and difficult time.
[The GSEs] are working with mortgage servicers to ensure that these programs are implemented immediately so that property owners and renters experiencing hardship because of the coronavirus can get the assistance they need.”
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Stimulus Package Agreement Brings Some Relief for Multifamily Owners
This morning, the U.S. Senate finally reached an agreement for a $2 trillion stimulus package to support the U.S. economy as the novel coronavirus spreads across the United States.
As of press time, the details of the package were still being sorted through and it had yet to be voted in the House, but it is set to include direct financial assistance to most Americans, expanded unemployment benefits for up to four months, including coverage for gig workers and freelancers, $350 billion in aid for small businesses and $500 billion in corporate aid, among other measures.
The package is likely “going to be substantial relief,” says Kevin Donnelly, vice president for government affairs for National Multifamily Housing Council (NMHC), a group representing the multifamily industry.
The industry could use the help. As the U.S. economy grinds to a halt, a large number of people are likely to fall behind on their rental payments. In some regions, including New York, local governments have enacted months-long moratoriums on evictions to protect people who suddenly found themselves unemployed or furloughed from losing their apartments. With shelter-in-place orders and many businesses temporarily shuttered across large swaths of the country, apartment community owners will have to manage with less income from rents and increased expenses as they spend more money and manpower disinfecting common areas and keeping their communities running.
Renters under pressure by COVID-19
Economists, including the researchers at real estate services firm CBRE, are predicting the “rapid loss of three million jobs” as sectors of the economy including “non-essential” retailers, hotels and airlines have largely stopped doing business to help slow the spread of the coronavirus. That means a large number of households will not receive the paychecks they need to pay rent and other expenses.
Over the next 90 days, managers of apartment properties should not evict renters who can show they have been financially impacted by the COVID-19 pandemic, according to NMHC—with exceptions for property damage, criminal activity or endangering the safety of other residents.
“There have to be exceptions to the ‘no evictions’ rule,” notes Donnelly.
The federal government has suspended evictions in public housing until the end of April. Congress is considering a broader ban on evictions that would continue for six months after the end of the federal state of emergency, according to a draft being considered by the House of Representatives. The Senate proposal did not mention evictions as of March 24.
“We are still pushing for a national uniform policy that suspends evictions,” said Diane Yentel, president and CEO of the National Low-Income Housing Coalition in a conference call on March 23.
Landlords should also avoid raising the rent on their residents during the crisis, according to NMHC.
Losses likely for apartment owners
All of this will strain the budgets of apartment building owners with less income to pay for a growing list of expenses.
“Our buildings are experiencing increased occupancy during the day and increased expenses for maintenance,” says Paula Cino, vice president of construction, development and land use policy for NMHC. “For sure, the expenses are going to go up.”
For example, the New York City Housing Authority (NYCHA), the nation’s largest public housing authority, reportedly anticipates that the crisis is likely to carve a $300 million hole in its already strained operating budget because of the loss of rental income and the cost of hiring interim staff and extra cleaning at its buildings to fight infections, which requires NYCHA to hire external firms.
The stimulus package will help ease the strain by helping renters financially, especially since it grants unemployment benefits to gig and freelance workers who normally don’t get unemployment when they are out of work. “We have so many workers in retail service…” says
Rachel Fee, executive director of the New York Housing Conference. “They were already living on the edge.”
The stimulus package also includes a provision for the federal government to write individual taxpayers checks, including up to $1,200 for each adult and $500 for children. NMHC recommends working with residents who suffer financial difficulties to create repayment plans, once the crisis is over.
Even with the government’s help, many renters are expected to suffer financial hardship, especially in the nation’s most expensive cities, like New York, where a single month’s rent is likely to be hundreds or thousands of dollars higher than the government check. Nationwide, a quarter of all renter households already can’t afford the high cost of rent without paying more than 30 percent of their income, according to the National Low-Income Housing Coalition.
“How are they going to pay the back rent?” asks Fee. “The moratorium on evictions is kicking the can down road.”
NMHC executives are also worried that apartment communities that receive less income in rent may suffer financial difficulties as the properties fall behind in their own mortgage payments. Freddie Mac and Fannie Mae have both announced forbearance plans for their multifamily borrowers. However, many apartment owners have taken out loans from other, less-regulated, sources, including private equity funds, that may not be so forgiving.
Housing advocates are calling for bolder measures. On Monday, the House of Representatives saw the introduction of H.R. 6314, the Emergency Rental Assistance Act of 2020. The bill would provide $100 billion to the Emergency Solutions Grant (ESG) program for rental assistance given directly to struggling Americans. The legislation would also expand the criteria for those eligible for rental assistance to people earning up to 80 percent of their area median income (AMI).
The House aid package would also allocate $35 billion for state housing finance agencies to provide assistance and $5 billion in immediate emergency grants to help local governments fight homelessness, which had already been on the rise before the coronavirus crisis. Municipalities will eventually need as much as $14 billion to help the homeless, says Fee.
“We have already seen diagnosis in homeless populations,” says Fee. “This is the time to rally around safe housing. Otherwise it gets in the way of stopping the spread of COVID-19.
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Freddie Mac Forbearance Program
Our Chapter's commitment to keep you informed as events continue to unfold during this time remains. In anticipation of the many consequences of this pandemic, Freddie Mac has developed a program to deal with impacted borrowers, their properties, their tenants and associated loans.
Below you will find a detailed summary of Freddie Mac's Forbearance Program:
- Freddie Mac will offer forbearance up to 90 days (three consecutive monthly payments). If the Borrower accepts this arrangement, Freddie Mac will also waive any associated late charges and default interest.
- Can only be taken in consecutive months
- Duration of the forbearance is between April and August
- The Borrower has a 12-month period to repay the total forborne amount, without additional interest or prepayment premium.
- Forbearance is only available on Performing Loans; any delinquent loans or loans with, for example, delinquent taxes or other performance-related issues are not eligible.
- Freddie will bear the cost – it will not impact the securitization trust or SSs
- Master will make the advances and will bill Freddie
- Advance interest will be paid by Freddie for the entire time; this will not negatively impact the trust
- The Borrower must agree that during the forbearance period it will not evict a tenant based solely on non-payment of rent occurring as a consequence of the COVID-19 emergency.
- The Borrower must provide the following:
- Forbearance Agreement - this agreement is non-negotiable
- Hardship Letter - expressing an inability to pay
- Delinquency Report (current rent roll or similar proof of inability to pay debt service or including a forecast that demonstrates inability to make debt service payment).
- At the end of 90 days, if loan payments do not restart, loan is transferred to Special Servicing.
- Freddie will be very flexible on all extensions.
- 60 day maturity extensions will be determined by the Servicer, with supporting information on take out permitted today; additional guidance forthcoming.
- As always, we will continue to keep you updated as changes are made to this plan.
Any questions, please contact J.R. Chantengco at Black Pearl Investments, an approved correspondent lender at
[email protected]
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Don't forget to renew your 2020 membership with New York Metro CCIM!
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As the coming year promises to be one of opportunity and change, commercial real estate experts predict a favorable outlook for the industrial, multifamily, office and retail sectors.
Read more...
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Northern New Jersey
Mixer
Social Media
Newsletter
Virtual DealShare
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Ian Grusd, CCIM, SIOR
Ten-X
Chapter Past President
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Copyright © 2020 NY Metro CCIM Chapter of the CCIM Institute, All rights reserved.
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