Pressure on New York City Commercial Real Estate Worries Investors

 wsj.com  10/18/2020 09:34:46   Julia-Ambra Verlaine Close Julia-Ambra Verlaine Biography @JAVerlaine julia.verlaine@wsj.com and Sebastian Pellejero Close Sebastian Pellejero Biography @pellejeroseb sebastian.pellejero@wsj.com

Photo: Richard B. Levine/Zuma Press

Signs of stress in New York Citys commercial properties are fueling investor bets that trouble in the nations largest real-estate market could spread pain nationwide.

Although stock markets are near records, assets whose fortunes are more directly tied to New Yorks status as a heart of tourism and culture are showing acute sensitivity to the pandemics disruptions. Prices for debt backed by hotels and shops have fallen, new loans have slowed and lenders are increasingly cautious, leaving bankers and investors bracing for...

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