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The lack of the 421a abatement in New York City is not stopping the Spruce Capital lending arm from pursuing more creative redevelopment opportunities. 
Approximately 83% of logistics properties were constructed prior to 2000, the firm found. 
The New York-based manager will make investments in disrupted commercial real estate capital stacks.
Illustration of a businessperson looking into a telescope. There is a gold coin at the end of the telescope
The commercial real estate market is operating against a backdrop in which higher interest rates have caused widespread declines in real estate values – and higher loan-to-value ratios.
The Toronto-based manager is looking at the city on a long-term basis.
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Michael Boxer, a managing director, says operators are coming to grips with higher rates and are more willing to transact.
In an uncertain market, AllianceBernstein is seeking to balance new lending and investment opportunities with caution
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The Ares-RXR venture comes at a time when transaction activity in the city has started to tick upward and capital is starting to move.
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