Steven Lichtenfeld

Yes, interest rates have skyrocketed when you look at the last 10 years, but the reality is also that folks were able to be quite successful in the ‘90s, with interest rates hovering around 7%. The better questions will all involve sustainable and reliable long- or even medium-term use of space. As much as the pandemic proved that we can accomplish most of life remotely, it also proved that we don’t want to do so fully and all the time.

Three partners at the New York-based law firm share their perspectives on what the timing and composition of troubled real estate deals will look like. The private real estate industry has been anticipating distress since the start of the pandemic. But as governments passed emergency measures to keep the economy afloat, the prospect of widespread distress receded. But the specter of large-scale distress has returned as the macroeconomic environment has become increasingly volatile.