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 ]
The Purple Project for Democracy, a non-partisan coalition, campaign and movement, is looking turning to magazines to help initiate a national branding campaign. “When we started this almost 17 months ago, we saw some eye-rolling,” says Purple co-founder Bob Garfield, who is also co-host of... Continue reading at Folio Magazine
[ Folio Magazine | 2019-07-16 19:13:28 UTC ]
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'Rooster Bar' author John Grisham sinks his teeth into a juicy target: privately owned, for-profit law schools Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2017-12-19 00:00:00 UTC ]
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As Time Inc. continues to pivot from being seen as a print magazine publisher to a digital media player, the company has acquired programmatic ad-tech company Adelphic. Adelphic will join Viant, a marketing company that Time Inc. acquired a year ago that uses first-party data and programmatic... Continue reading at AdWeek
[ AdWeek | 2017-01-24 00:00:00 UTC ]
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Rep. Duncan Hunter (R-Alpine) has been pushing the U.S. Coast Guard to buy or lease a polar ice-breaking ship owned by one of his top campaign contributors, although officials repeatedly have said the vessel doesn’t meet the service’s needs. The ship in question, the Aiviq, is a privately owned,... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-10-13 00:00:00 UTC ]
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News Corp is testing a content-recirculation widget that lets several of its publications including The Wall Street Journal share their articles on each other’s sites. With the so-called Project Hamilton, the publisher is seeking to keep readers on its sites longer. Other publishers are turning... Continue reading at Digiday
[ Digiday | 2016-09-23 00:00:00 UTC ]
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Today, Amazon reveals details of the latest addition to its Fire range of tablets, the Fire HD 8. As the name would suggest, this is an 8-inch tablet and the key selling point is the fact that it is absolutely dirt cheap. Of course, this is not its only selling point: there's also 12 hours of... Continue reading at Betanews
[ Betanews | 2016-09-08 00:00:00 UTC ]
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Minneapolis independent press Rain Taxi is celebrating 20 years of promoting literary fiction and nonfiction, from its quarterly magazine to programs that bring literature into public spaces. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-10-09 00:00:00 UTC ]
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Facing industry pressure from mobile ride-booking applications Uber Technologies Inc. and Lyft Inc., American United Taxi Services is pushing back with an app of its own. "TAXIMKE" is designed with its competitors' concept in mind: order, book and track a taxi through your smartphone. Unlike... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2014-06-26 00:00:00 UTC ]
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"The premise of Little Free Library is take–a–book, return–a–book," explains Ian Veidenheimer of The Architectural League of New York, who helped coordinate the project to bring these tiny libraries to New York. When the project has deployed in other cities, the books are usually guarded by a... Continue reading at Fast Company
[ Fast Company | 2013-09-04 00:00:00 UTC ]
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Amsterdam gets a citywide book exchange, courtesy of a local creative agency. On the subway in most European cities, it’s a passenger habit to leave behind the morning’s newspaper. They aren’t littering (like a New Yorker would be); it’s simply a courtesy for other commuters who might want to... Continue reading at Fast Company
[ Fast Company | 2013-08-16 00:00:00 UTC ]
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The growing importance of social media, coupled with the powerful wrath of Google, have shaken the once-hot world of cheap search-driven publishing. About.com recently dumped its CEO. Yahoo’s $100 million acquisition of Associated Content (now Yahoo Voices) has yielded a network of 700,000... Continue reading at AdWeek
[ AdWeek | 2012-02-06 00:00:00 UTC ]
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The growing importance of social media, coupled with the powerful wrath of Google, have shaken the once-hot world of cheap search-driven publishing. About.com recently dumped its CEO. Yahoo’s $100 million acquisition of Associated Content (now Yahoo Voices) has yielded a network of 700,000... Continue reading at AdWeek
[ AdWeek | 2012-02-06 00:00:00 UTC ]
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