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 ]
Facebook is on the hook for $500 million in damages after losing an intellectual property lawsuit Wednesday to ZeniMax Media over its virtual reality headset, the Oculus Rift. ZeniMax, a video game publisher, sued the social network in 2014 in U.S. District Court in Dallas shortly after Facebook... Continue reading at Los Angeles Times
[ Los Angeles Times | 2017-02-02 00:00:00 UTC ]
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The $400 million in refunds due following Apple ebook price-fixing settlement will begin flowing into customer accounts on June 21—with refunds for New York Times bestsellers approaching $7 per purchase. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-20 00:00:00 UTC ]
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The 62-year-old men's magazine said to be hitting the auction block weeks after going nudity-free, could fetch over $500 million. The post Playboy is Up for Sale, Sources Say appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-03-25 00:00:00 UTC ]
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After four years of litigation, the Apple price-fixing case is over. But when can consumers expect to see the $400 million in refunds coming their way? Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-03-11 00:00:00 UTC ]
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Wal-Mart Stores' planned competitor to the Amazon Prime service will have a price advantage, but catching up with its e-commerce rival won't be easy.Wal-Mart announced plans yesterday to give online customers unlimited free shipping for $50 a year, half the cost of Prime. What it lacks is... Continue reading at Advertising Age
[ Advertising Age | 2015-05-14 00:00:00 UTC ]
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n">Reuters) - Buyout firm Apollo Global Management LLC is in advanced talks to acquire most of the assets of Digital First Media, publisher of the Denver Post and San Jose Mercury News, for around $400 million, according to people familiar ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-03-17 00:00:00 UTC ]
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Apple has reached a settlement in a long-standing case that accused the company of fixing the price on ebooks, with the company paying up to $400 million, depending on the outcome of its appeal in the case, a law firm has announced. Apple would pay the $400 million in the class-action lawsuit if... Continue reading at PC World
[ PC World | 2014-07-16 00:00:00 UTC ]
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Facebook Inc. bought video advertising company LiveRail to help it target and distribute video ads, AdWeek reported. TechCrunch pegged the price tag between $400 million and $500 million, although the companies haven’t disclosed the terms. LiveRail, based in San Francisco, has created a... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2014-07-03 00:00:00 UTC ]
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The financial woes of the U.S. Postal Service could soon rub off on the magazine, newspaper and direct mail industries, depending on the outcome of a meeting of the USPS board of governors in Washington on Thursday. Though the announced topics include "financial matters" and "pricing,"... Continue reading at Crains New York
[ Crains New York | 2013-09-05 00:00:00 UTC ]
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