The owners of 60 Wall St. yesterday announced they refinanced the office tower’s $575 million mortgage at a substantially higher interest rate, paving the way for redevelopment of the empty building with a distinctive public lobby.“60 Wall will be redeveloped to today’s standards and will redefine the standard of redeveloped assets in the Financial District,” Albert Behler, chief executive of Paramount Group, said on a conference call today. The developer owns the building along with Singapore’s sovereign wealth fund.The $250 million project, now underway, is a big bet that tenants will lease space downtown even though there are plenty of options nearby. Vacancy rates in the Financial District are 27.6%, according to Colliers, and newly freed-up office space at 55 Water St., 14 Wall St. and 180 Maiden Lane have contributed to the tumbleweeds vibe of the neighborhood.Those risks explain why the new mortgage for 60 Wall St. comes with an elevated interest rate.A $259 million slice of the five-year mortgage carries a 12% interest rate and is a payment-in-kind loan, meaning if the landlords choose not to make a monthly payment then the unpaid obligation is added to the balance of the loan. PIKs are risky because they allow borrowers to add more debt to their balance sheets and avoid paying their interest obligations in the short term.Another $316 million piece of the $575 million loan has a floating interest rate of 7.8%, the same as the mortgage Paramount and its partner... Continue reading at 'Crains New York'
[ Crains New York | 2024-05-02 17:53:38 UTC ]
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Black Friday 2023 is finally upon us, so if you're just getting started on your holiday shopping, you're in luck. Even though we've seen Black Friday deals populate the internet over the past couple of weeks, there remain plenty to be had today. Many of the deals we've... Continue reading at Engadget
[ Engadget | 2023-11-24 15:32:10 UTC ]
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In a lengthy opposition brief filed this week, lawyers for a potential consumer class portrayed their case as the second act of the Apple e-books case and insisted there is more than enough evidence for the case to proceed. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-11-02 04:00:00 UTC ]
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Need an e-reader to get through pandemic lockdowns? Now’s a good time to get one. Amazon is running a sale on the standard Kindle that drops the price of the Special Offers version to $60, or $30 below its usual price. That’s similar to historic lows... Continue reading at Engadget
[ Engadget | 2020-05-25 15:30:13 UTC ]
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Welcome to another edition of Ad Age Sports Media Brief, a weekly roundup of news from every zone of the sports media spray chart, including the latest on broadcast/cable/streaming, sponsorships, endorsements, gambling and tech. Back in Black NFL ad pricing has rebounded after last year’s drop,... Continue reading at Advertising Age
[ Advertising Age | 2019-09-06 09:00:00 UTC ]
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Australian upstart DNAML says it was was harmed by the 2010 price-fixing scheme executed by Apple and the five agency publishers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-06-09 00:00:00 UTC ]
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Pointing to the need for pricing flexibility at a time when bookstores face a growing number of economic challenges, some booksellers question whether it’s time for publishers to stop printing suggested retail prices on book covers and dust jackets. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-08-22 00:00:00 UTC ]
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Despite a dramatic drop in book sales, Aladin used bookstores have thrived, with some publishers dumping books to boost sales; a fixed-price law is now under debate. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-11-15 00:00:00 UTC ]
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The U.S. filed an antitrust lawsuit against Apple Inc., Hachette SA, HarperCollins, Macmillan, Penguin and Simon & Schuster in New York district court, claiming collusion over eBook pricing. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-04-11 00:00:00 UTC ]
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On stage and screen, self-referential works such as A Strange Loop and American Fiction are on the rise, with playful postmodernism a potent weapon in the fight against inequalityOfficers storm a ballroom, releasing a flurry of bullets that pierce through a Black man as he collapses in a pool of... Continue reading at The Guardian
[ The Guardian | 2024-05-06 08:00:34 UTC ]
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The Australian author is ‘incredibly influential’, but has had to survive decades of ‘cultural cringe’ and genre snobbery to make finally ‘a decent sort of living’Before parched and dusty towns across Australia became full of fictional sinister people; before the explosion of outback noir and... Continue reading at The Guardian
[ The Guardian | 2024-04-05 23:00:18 UTC ]
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Revenue in 12 of 16 overseas book markets rose last year, even as unit sales fell, according to a new joint report from Nielsen/GFK Entertainment. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-08 05:00:00 UTC ]
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A federal judge has held that “monopolization” claims against Amazon can move forward, finding that lawyers for a potential consumer class have plausibly alleged that Amazon’s conduct in the e-book market has led to “reduced competition” and “higher e-book prices." Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-04 05:00:00 UTC ]
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Spotify's... interesting pricing plans, it "It" books of March, and more of the day's bookish news: Continue reading at Book Riot
[ Book Riot | 2024-03-01 21:43:16 UTC ]
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The Kobo Libra 2 ereader has dropped to its lowest price of the year so far. You can grab one via Amazon for $170, which is a discount of $20. This matches pricing from the holiday season for the water-resistant reading tablet. Kobo’s Libra 2 easily made our list of the best ereaders for a... Continue reading at Engadget
[ Engadget | 2024-01-30 19:50:25 UTC ]
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