New York City lost a small piece of its soul this week as a result of a few noteworthy closings. The famed Bowlmor Lanes bowling alley near NYU was closed Monday night after a 76-year run. According to a report from the Daily News, the location is being converted into luxury condos. On Tuesday, New Yorkers abruptly learned that high-end cupcake maker Crumbs closed all locations, including several in New York.
Investors’ portfolios saw some losses of their own on Tuesday, as stocks were lower across the board. As with Monday’s mini-sell off, the big concern was that the improving economy would coax the Federal Reserve into raising interest rates sooner rather than later. After hours, Alcoa opened earnings season with better-than-expected results, but it was too late to keep the S&P 500 from losing 0.70% on the day.
For the CMBS market, Tuesday was a re-run of Monday’s action. Volume registered about $175 million while spreads were a touch wider. When compared to the damage to the equity markets, Tuesday’s spread widening was barely a footnote. The GSMS 2007-GG10 A4 bond finished at 83 basis points over swaps, one basis point wider for the day.
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