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 business news publisher Forbes has seen revenue from its events division rise significantly this year after it transitioned most of its portfolio from a virtual to a hybrid model, according to the publisher. The privately held property, which in July scuttled its plan to go public via a... Continue reading at AdWeek
[ AdWeek | 2022-10-17 11:14:16 UTC ]
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On September 21, hundreds gathered at the Cathedral of St. John the Divine to celebrate the life and work of writer Joan Didion, who died on December 23, 2021, at the age of 87. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-09-23 04:00:00 UTC ]
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How this little-remembered "robber baron" shorted stock, collected railroads, caused a financial panic -- and amassed a fortune. Continue reading at The Washington Post
[ The Washington Post | 2022-09-16 10:00:15 UTC ]
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St. Martin's Press will publish former German chancellor Angela Merkel's political memoirs, written with her longtime political advisor Beate Baumann, in the fall of 2024 in the U.S. and Canada. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-09-08 04:00:00 UTC ]
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News Corp columnist framed himself as among a minority of white men who could no longer voice their opinionFollow our Australia news live blog for the latest updatesGet our free news app, morning email briefing or daily news podcastAustralia’s press watchdog has received multiple complaints... Continue reading at The Guardian
[ The Guardian | 2022-09-05 09:03:51 UTC ]
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Netflix has secured non-exclusive streaming rights to a handful of classic anime titles. Variety reports the company recently signed an agreement with Nippon TV to bring Berserk, Claymore, Death Note, Parayste: The Maxim and nine other shows and movies to viewers worldwide.Of that group, Netflix... Continue reading at Engadget
[ Engadget | 2022-08-29 16:08:13 UTC ]
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If you have a child in your life who needs a new tablet or e-reader, Amazon has a sale you may want to check out. The company's devices designed for kids are currently being sold at a discount —some are even listed with the lowest prices we've seen for them on the website. You can get Kindle for... Continue reading at Engadget
[ Engadget | 2022-08-16 10:01:53 UTC ]
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Half Price Books, a Texas-based company, has firmly established itself as the nation’s third-largest bookstore chain with 121 stores. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-08-12 04:00:00 UTC ]
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In oral arguments on Wednesday, lawyers for Amazon and the Big Five publishers argued that two potential class action suits alleging a conspiracy to fix prices for both e-books and print books were "implausible" and should be dismissed. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-07-28 04:00:00 UTC ]
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If you want a tablet just for browsing the internet, watching videos and playing games, you won’t need anything fancy. Amazon’s Fire tablets are exactly that. Most of them are under $200, and the Fire 7, which has been updated for 2022, starts at just $60 ($75 if you don’t want ads on the lock... Continue reading at Engadget
[ Engadget | 2022-07-21 15:00:54 UTC ]
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'The Last Session' is the story of a delightfully diverse group of close high school friends and RPG gamers as they confront the significance of friendships as they also prepare to finish a longrunning Dice & Deathtraps gaming campaign. An 11-page excerpt. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-07-20 04:00:00 UTC ]
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Kazuki Takahashi found in snorkelling gear floating in the sea off coast of Okinawa, reports sayA Japanese artist who created the hit manga comic series Yu-Gi-Oh!, which spawned a worldwide media franchise including a trading card game, has been found dead in the sea, according to media... Continue reading at The Guardian
[ The Guardian | 2022-07-07 09:37:41 UTC ]
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With a total value of more than €1.6 million, the German Publishing Prize selects and honors socially engaged independent publishers. The post The German Publishing Prize: 66 Publishers Honored, Three With €60,000 Each appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2022-06-23 16:19:05 UTC ]
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This year, 'The White House: An Historic Guide,' coedited by first lady Jacqueline Kennedy, celebrates its 60th year in print and, with it, the WHHA’s 60th year in publishing. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-04-29 04:00:00 UTC ]
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It disrupted the market and has more than 200m subscribers. But with slower growth, some say Netflix must change its gameTwelve years ago Jeff Bewkes, then chief executive of Time Warner, compared Netflix to the Albanian army. “It’s a little bit like, is the Albanian army going to take over the... Continue reading at The Guardian
[ The Guardian | 2022-04-17 07:00:23 UTC ]
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"Station Eleven" author Emily St. John Mandel explores time travel and the nature of reality. Continue reading at The Washington Post
[ The Washington Post | 2022-04-12 13:40:01 UTC ]
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Over the weekend, Riot Games announced it would respond to calls from its community to provide aid during the ongoing crisis in Ukraine. Until March 12th, the studio will donate all proceeds from the sale of Valorant, Legends of Runterra, Teamfight Tactics and Wild Rift battle passes, as well as... Continue reading at Engadget
[ Engadget | 2022-03-07 20:44:10 UTC ]
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Amazon released a fantastic new Kindle Paperwhite in late 2021 and right now it’s available for $45 less than usual. The online retailer has cut the price of the 32GB Kindle Paperwhite Signature Edition to $145, which is down from $190. We reviewed the new Paperwhite in December and gave... Continue reading at PC World
[ PC World | 2022-02-07 15:11:41 UTC ]
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News Corp says it was the target of a cyberattack that impacted The Wall Street Journal, New York Post, Dow Jones, its UK news operations and other publications and business units. The company says hackers accessed the emails and documents of some employees, including journalists. A... Continue reading at Engadget
[ Engadget | 2022-02-04 15:41:39 UTC ]
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Picador has secured Basic Pistol: Living and Dying By the Gun in America, a “jaw-dropping” study by Harel Shapira. Continue reading at The Bookseller
[ The Bookseller | 2022-01-25 13:34:13 UTC ]
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