NEW YORK CITY-Developers of troubled properties are facing an end game as lenders started selling the debts to investors. Developers are also trying out different options like buying back or paying off the debt.
Real estate developer, Aby Rosen, who is negotiating with his partner to take full control over the 185-room Gramercy Park Hotel, is buying back a $140 million mortgage on the property, which defaulted in 2010, for about $90 million from Union Labor Life Insurance. For the full story, go to Wall Street Journal.
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