NEW YORK CITY-Developers of troubled properties are facing an end game as lenders started selling the debts to investors.
By GlobeSt News Hub|October 04, 2010 at 01:01 AM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
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.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
Want to continue reading? Become a Free ALM Digital Reader.
Once you are an ALM digital member, you’ll receive:
Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
3 free articles* across the ALM subscription network every 30 days
Exclusive discounts on ALM events and publications
*May exclude premium content
Already have an account? Sign In Now
Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!
Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.