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 owners are unable to refinance debts or are defaulting on obligations at other landmarked Midtown office towers, including the Helmsley Building, 500 Fifth Ave., and the Chrysler Building.“Rockefeller Center’s refinancing is a big vote of confidence in New York and in this unique trophy property,” said Ruth Colp-Haber, CEO of Wharton Property Advisors, a firm that represents tenants looking for space.But the refinancing’s terms, which could still change, show that Rockefeller Center’s owners have had to pay a big price for a shorter-term loan.The new mortgage’s interest rate is 6.5%, according to a report yesterday from credit-rating firm KBRA. That is higher than the older $1.7 billion loan’s 5.6%, according to S&P Global, and indicates Rockefeller Center’s annual mortage-interest costs would more than double, to $225 million from $95 million, thanks to the higher interest rate and larger loan balance. If rates were to fall over the next five years, the owners of the complex could shop for a less expensive mortgage, but if rates rise they face the prospect of even higher borrowing costs.In addition, the new mortgage would come due in just five years, a big drop from the existing... Continue reading at 'Crains New York'
[ Crains New York | 2024-10-16 16:04:15 UTC ]
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US officials and their allies have identified and taken down an artificial intelligence-powered Russian bot farm comprising almost 1,000 accounts. These accounts were able to spread disinformation and pro-Russian sentiments across X, formerly Twitter. The Justice Department has revealed the... Continue reading at Engadget
[ Engadget | 2024-07-10 11:16:59 UTC ]
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Data from Placer.ai shows that, while both bookstore chains have had some successes in increasing customer traffic, their gains in 2024 trail that of Barnes & Noble. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-07-08 04:00:00 UTC ]
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An environmentalist mermaid, a cookbook for young scientists, the story of an Olympic champion, and more of today's best kids' book deals! Continue reading at Book Riot
[ Book Riot | 2024-07-03 15:05:00 UTC ]
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The Fort Smith, Ark.–based small press is committed to publishing books by Mid-South writers that are accessible to readers everywhere. Publisher Casie Dodd hopes that its newly inked distribution deal with IPG will help make this goal a reality. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-07-03 04:00:00 UTC ]
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Chosen Books takes pastor Sherman Dumas's book of practical advice to help restore the family unit; Tyndale signs T.I. Lowe's new novel, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-07-03 04:00:00 UTC ]
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Amazon Prime Day is still a couple weeks away, but the company is already running discounts on some of its biggest items. The latest deal comes on the Kindle Scribe Essentials Bundle, which includes a 64GB Kindle Scribe, Premium Pen and a leather folio cover. The trio is available for $324, down... Continue reading at Engadget
[ Engadget | 2024-07-01 13:59:08 UTC ]
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New York City’s improving fiscal situation seemed to foretell an easier path to passing the coming year’s budget, but the City Council and Mayor Eric Adams still disagree on key issues with days left before the deadline to reach a deal.The council’s push to reverse cuts to cultural institutions,... Continue reading at Crains New York
[ Crains New York | 2024-06-21 17:26:40 UTC ]
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The evenhanded scientist is generous to Trump, but you can tell what he really thinks. Continue reading at Slate
[ Slate | 2024-06-21 15:04:13 UTC ]
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In May 2024, Circana BookScan reports, the US print book market was 5 percent higher than it was in May 2023. The post Circana: US Print Book Sales Up 3 Million Units in May 2024 appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-06-18 20:54:13 UTC ]
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At the June 11 ceremony honoring LGBTQ literature, Catherine Lacey and Bryan Washington took home top prizes in an evening otherwise dominated by small and independent presses. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-06-12 04:00:00 UTC ]
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In complementary moves, Jonathan Shar was promoted to CEO of Barnes & Noble Education following the completion of a new financing package that includes a 100-to-1 reverse stock split. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-06-12 04:00:00 UTC ]
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The Hogwarts sports game Harry Potter: Quidditch Champions now has a release date. The multiplayer title, announced last year, will arrive on PC and consoles on September 3. The game, a companion to last year’s Hogwarts Legacy, is “a complete, standalone Quidditch experience” that “engages... Continue reading at Engadget
[ Engadget | 2024-06-07 21:29:33 UTC ]
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Two interlocking thrillers, demonic possession in the suburbs, a Cambodian memoir told through food, and more of today's best book deals. Continue reading at Book Riot
[ Book Riot | 2024-06-03 15:00:00 UTC ]
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Metropolitan signs two books from Palestinian rapper Tamer Nafer, Malcolm Gladwell will update 'The Tipping Point' for Little, Brown, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-05-31 00:00:00 UTC ]
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Despite rising costs for new and secondhand books, surveyed Canadian consumers say they continue buying books but are price-shopping. The post BookNet Canada’s Consumer Survey: Rising Book Prices appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-05-22 19:37:08 UTC ]
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Seven says decision purely commercial but Financial Review editor accuses rival company of ‘abuse of market power’ Follow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastThe print edition of Nine’s Australian Financial... Continue reading at The Guardian
[ The Guardian | 2024-05-09 07:55:56 UTC ]
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Revenue for U.K. publishing in 2023 was £7.1 billion, about $8.9 billion at current exchange rates, the U.K.'s Publishers Association reported. Growth areas included exports, sales, and digital audiobooks, which saw double digit growth. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-05-08 04:00:00 UTC ]
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Advocacy efforts for federal library funding shift to the Senate, a librarian has joined the Democratic gubernatorial ticket in Utah, 'Library Journal' has named its 2024 class of Movers & Shakers, and more in this week's library news. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-05-03 04:00:00 UTC ]
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The answer lies at the heart of theoretical physics. Note: The following article contains spoilers about the Netflix series 3 Body Problem.I first encountered the three-body problem 60 years ago, in a short story called “Placet is a Crazy Place” by American science fiction writer Frederic Brown. Continue reading at Fast Company
[ Fast Company | 2024-04-27 12:00:00 UTC ]
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Good performances at its English-language divisions, including a 3% gain at Hachette Book Group, helped to increase first-quarter sales at Lagardère Publishing to €576 million, a 1.1% gain over 2023. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-04-25 04:00:00 UTC ]
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