Question re: Commercial REO's

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Hello,

I am new to this forum and have a few questions regarding commercial REO's. I have a very serious client who I've been working with for some time now, and they are looking to purchase a commercial investment here in NYC in the $50-100 Mil price range. We are leaning more towards Hotel or Office Buildings as opposed to Residential.
My client wants a minimum cap rate of 8% which is highly unlikely to find on any open market property here in the city. I was told a few months ago that we should look into REO properties and I immediately started to make some calls. In the process of all these calls I've learned a little about the "daisy chain" and have yet to speak with someone who can give me "real" information. It seems as if I keep contacting people who can "introduce" me to someone who knows a compiler. Then I've been sent agreements that state my client would have to pay this person for their introduction to someone else who knows a compiler (3 points). When you are talking about a $100 Mil deal, $1 Mil is alot of money for an introduction. Also, I started to get discouraged by the whole process after two different "brokers" from different companies both told me they were working on $5 Billion dollar deals in the same week. I'm very sure the chances of that happening are highly unlikely. When asking these "brokers" if there are even any properties available in NYC that meet the criteria they all seem to give me a rehearsed answer. They have yet to even give me a description of one property. How am I to know that they actually have inventory before releasing a wealth of my clients information?

My other questions are....Is it absolutely necessary to go through this so called "chain" to get to someone that actually has property available?...Also, how likely is it that properties with cap rates over 8% would actually be bank owned in NYC?....have any of you actually ever seen a listing with that criteria?.....Does the bank pay a commission to ANYONE in these transactions or is it common practice that my buyer would have to pay the 3 points?

At this point we are desperate to find a reputable source that can help us with real information. I have been thinking of reaching out to Asset Managers and Bank Compilers personally to see how far I can get...do you think that would be effective or are these people hard groups to reach? I have some idea where to begin but any suggestions would be greatly appreciated.

Thanks so much for any information you can provide. [size=18][/size][size=12][/size][size=12][/size]