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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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... Continue reading at Crains New York
[ Crains New York | 2024-05-02 17:53:38 UTC ]
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Rockefeller Center is close to refinancing its mortgage in a massive $3.5 billion transaction.The deal is expected to close Friday and would be a triumph for the owners of the 7 million square-foot office and retail complex, Tishman Speyer and Henry Crown & Co. It comes at a moment when... Continue reading at Crains New York
[ Crains New York | 2024-10-16 16:04:15 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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Minnesota's first Black woman–owned indie bookstore has changed hands five months after owner Dionne Sims announced that she intended to sell. The new owner—a self-described artist, academic, and an activist—will identify herself at an open house event at the store next week. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-11-14 05:00:00 UTC ]
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The book retailer plans to open 12 new stores in November as part of its goal of opening 60 outlets this year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-11-06 05:00:00 UTC ]
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RFR Holding is more than 90 days delinquent on the mortgage for 90 Fifth Ave., according to Fitch Ratings, the latest sign of mounting strain for the developer fighting eviction from the Chrysler Building.The 140,000 square-foot building at the corner of West 14th Street is a small part of RFR’s... Continue reading at Crains New York
[ Crains New York | 2024-10-25 17:48:58 UTC ]
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The weather is, unfortunately, getting colder and that means it's about time to cozy up on your couch with a blanket and some good reading material. If you're an e-reader lover or have finally run out of bookshelf space then you might want to look at the Kindle Paperwhite Signature Essentials... Continue reading at Engadget
[ Engadget | 2024-10-01 14:17:17 UTC ]
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If you've been on the lookout for a killer deal on a perfectly decent tablet for streaming videos and catching up on some reading, hunt no more. Just ahead of the October edition of Prime Day, Amazon has slashed the price of the Fire HD 10 tablet to $75, which is a discount of $65. This matches... Continue reading at Engadget
[ Engadget | 2024-09-30 20:27:55 UTC ]
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After decades of writing raw and unflinching novels, screenplays, and scripts for television, the author is still curious and eager to learn—just don’t ask him how he feels about his process. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-09-27 04:00:00 UTC ]
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Billed as a sex-positive, “feminist rage fantasy,” ‘Terror at the Gates’ will be published in July by Bloom Books. The anticipated initial print run is 250,000 copies. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-09-12 04:00:00 UTC ]
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While you can do pretty much anything on your phone or tablet, sometimes having a dedicated device is the way to go. Opting for an ereader can help reduce eye strain compared with looking at a smartphone screen for hours on end. The battery will last longer too, and you won't have notifications... Continue reading at Engadget
[ Engadget | 2024-09-03 14:56:49 UTC ]
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A federal court found that Suzette Baker had plausibly asserted that she was fired for opposing orders to improperly pull books that overwhelmingly represented the LGBTQ and BIPOC communities. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-09-03 04:00:00 UTC ]
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A federal court found that Baker had plausibly asserted that she was fired for opposing orders to improperly pull books that overwhelmingly represented the LGBTQ and BIPOC communities. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-09-03 04:00:00 UTC ]
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