RFR falls 90 days behind on mortgage at Union Square tower

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 3 million square-foot portfolio, whose star is the fully occupied Seagram Building. Unfortunately for owners Aby Rosen and Michael Fuchs, the rest of their portfolio seems to be too much of the wrong stuff. Crain’s has reported that 11 of their 14 Manhattan office buildings are either battling foreclosure actions, struggling with steep vacancy rates or facing possible mortgage defaults. RFR’s woes come at a time when there is evidence Manhattan’s office recovery is extending beyond Park Avenue’s tony towers to the boxy glass post-war buildings along Third Avenue and to certain pre-wars in Midtown South. At least Rosen’s and Fuchs’s misery has plenty of company.Delinquencies of 90 days or longer were 2.7% of commercial-property loans in the third quarter, up from 2.5% in the second, the Mortgage Bankers Association reported this week. Delinquency rates fell for retail, lodging and industrial properties. They rose for office, said the MBA’s head of commercial real estate research, Jamie Woodwell. Workout rooms haven’t been so busy since shopping-mall loans fell apart en masse last decade. In August, nearly 8.5% of securitized office mortgages were in special servicing, the most in... Continue reading at 'Crains New York'

[ Crains New York | 2024-10-25 17:48:58 UTC ]
News tagged with: #moved recently #lease expires #city agencies #tax payments #$1 billion #debt due #sl green #cooper union #operator failed #happier times #city records #jamieson properties #preferred equity #korean investors #mezzanine loans #magazine publisher

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B&N Will Rise or Fall with Content

While Barnes & Noble has created lots of buzz and headlines with its Nook e-reading devices, its future profitability lies in the sale of content. That was the message CEO William Lynch delivered to analysts last week in a conference call discussing first-quarter results. Improved gross... Continue reading at Publishers Weekly

[ Publishers Weekly | 2012-08-24 00:00:00 UTC ]
More news stories like this | News stories tagged with: #e-reading devices #barnes noble #device sales #increased sales #lynch noted

Penguin declares Day its 'new erotic brand sensation'

Penguin has announced UK trade sales of 50,000 paperbacks of Sylvia Day's Bared to You,... Continue reading at The Bookseller

[ The Bookseller | 2012-07-23 00:00:00 UTC ]
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New Day for Transworld after auction

Transworld has beaten off five other publishers in an auction for two novels by debut author... Continue reading at The Bookseller

[ The Bookseller | 2012-07-20 00:00:00 UTC ]
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Curtis Brown and Foyles team up for author 'Discovery Day'

Aspiring authors are being given the chance to pitch their novels to a panel of agents at a new... Continue reading at The Bookseller

[ The Bookseller | 2012-07-17 00:00:00 UTC ]
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Design and marketing targeted at Creativity Day

Next Thursday will see the largest gathering of book marketing professionals this year as 170... Continue reading at The Bookseller

[ The Bookseller | 2012-06-13 00:00:00 UTC ]
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Two Random in-house projects set for Square Peg

Random House's Square Peg is lining up two in-house projects for the second half of 2012,... Continue reading at The Bookseller

[ The Bookseller | 2012-05-21 00:00:00 UTC ]
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A Fluffy Pillow of Banana-y Goodness: The Pie You Need to Serve this Memorial Day BBQ

In "United States of Pie," Adrienne Kane updates a Southern classic, banana cream pie, with a subtly salty crust and a layer of chocolate ganache. Continue reading at Publishers Weekly

[ Publishers Weekly | 2012-05-21 00:00:00 UTC ]
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HP takes print away from town for seven days, laughs at 'print is dead' claim

With ebooks and digital subscription of magazines and newspapers becoming the new hot, many are sending off the message that print is gradually losing or has even already lost to its digital counterpart, while others argue that print is far from dead. Needless to say, being one of the leading... Continue reading at Engadget

[ Engadget | 2012-05-12 00:00:00 UTC ]
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New Day at Archie Comics, Despite Internal Strife

Archie Comics Publications, the home of the iconic American red-headed teenager and his Riverdale High School buddies, is reshaping its longstanding brand and revitalizing its publishing program. Based in Mamaroneck, N.Y., the 70-year-old company has long been a small but successful publisher of... Continue reading at Publishers Weekly

[ Publishers Weekly | 2012-04-27 00:00:00 UTC ]
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Northcliffe Reports 6% Revenue Fall and 13% Cost Reduction

Regional newspaper publisher Northcliffe Media has reported a further six per cent year-on-year decline in like-for-like revenue over the past six months. Parent company Daily Mail and General Trust (DMGT) said in a trading update today that althou ... Continue reading at Editor & Publisher

[ Editor & Publisher | 2012-04-17 00:00:00 UTC ]
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Heroes join World Book Day party

Half a million children in 21 countries are joining top children's authors in events to celebrate World Book Day. Continue reading at BBC News

[ BBC News | 2012-03-01 00:00:00 UTC ]
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Printed books fall £2.8m as kids go back to school

Printed book sales slumped 11% last week as children returned to school and adults to work... Continue reading at The Bookseller

[ The Bookseller | 2012-02-28 00:00:00 UTC ]
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Square One’s Personal Mission Drives New Cancer Book

For Square One Publishers’ founder Rudy Shur, Beyond the Magic Bullet—The Anti-Cancer Cocktail: A New Approach to Beating Cancer, which his company released earlier this month, is the culmination of a three-year personal connection he forged with the book’s author, Dr. Raymond Chang. Continue reading at Publishers Weekly

[ Publishers Weekly | 2012-02-24 00:00:00 UTC ]
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Fnac sales fall 3.2% in 2011

The leading French cultural products chain Fnac has reported a dismal performance in 2011, even... Continue reading at The Bookseller

[ The Bookseller | 2012-02-17 00:00:00 UTC ]
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Bedford Square Books strikes exclusive Tesco deal

Bedford Square Books, the ebook and print-on-demand venture set up by the Ed Victor Literary... Continue reading at The Bookseller

[ The Bookseller | 2012-02-15 00:00:00 UTC ]
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Apps help Rashbass prepare for The Economist's first fall

The Economist is the magazine industry's undisputed star performer, achieving 61 consecutive circulation rises over the last 31 years, but group chief executive Andrew Rashbass expects global print sales to fall for the first time in 2012, so why is he "delighted"? Continue reading at Media Week

[ Media Week | 2012-02-08 00:00:00 UTC ]
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