Signs of stress in New York City’s commercial properties are fueling investor bets that trouble in the nation’s largest real-estate market could spread pain nationwide.
Although stock markets are near records, assets whose fortunes are more directly tied to New York’s status as a heart of tourism and culture are showing acute sensitivity to the pandemic’s 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…