Posted on 03/10/2010 8:19:04 PM PST by TigerLikesRooster
Silverstein could default on midtown tower
By Theresa Agovino
Published: March 10, 2010 - 5:37 pm
Developer Larry Silverstein, who has been feuding with the Port Authority of New York & New Jersey over building towers at Ground Zero, faces imminent default on one of his existing office buildings: 575 Lexington Ave.
The $325 million balance of the loan on the building, which Mr. Silverstein holds along with the California State Teachers Retirement System, was transferred to a special servicer on Wednesday, according to Fitch Rating. Special servicers try to salvage troubled loans for lenders.
The partners bought the building in 2006 for about $400 million.
(Excerpt) Read more at crainsnewyork.com ...
P!
Was that the old Bear Stearns building? I think I walked around that block once. Big building.
Obama Slush Fund Bailout in 3..., 2..., 1....
‘could’, might, maybe.....
Well just do it then!
Not da Bears Stearns building
Ugly building.
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