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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Apple and publishers Penguin and Macmillan have decided to fight US government charges that they conspired to fix the prices of ebooks, even as three other publishers agreed to a settlement aimed at lowering prices for consumers. Continue reading at Stuff
[ Stuff | 2012-04-12 00:00:00 UTC ]
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Attorneys General in 16 states filed suit against Apple and three publishing companies Wednesday, following a similar suit filed this morning by the US Justice Department. Unlike the federal suit, the states action also looks for monetary compensation in addition to the end of the collusive... Continue reading at Betanews
[ Betanews | 2012-04-12 00:00:00 UTC ]
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In December 2010 I asked: "Is someone fixing ebook prices?" Google's digital bookstore opened for business, and I started comparing prices only to find them fairly consistent across all retailers. I expected to see huge variances, not pricing consistency, which shouldn't be in a competitive... Continue reading at Betanews
[ Betanews | 2012-04-11 00:00:00 UTC ]
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The Department of Justice is accusing the companies of colluding to raise ebook prices by using the 'agency' model of ebook pricing. Continue reading at PC World
[ PC World | 2012-04-11 00:00:00 UTC ]
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The U.S. filed an antitrust lawsuit Wednesday against Apple Inc. and five of the nation's largest publishers, alleging they conspired to limit competition for the pricing of ebooks. Continue reading at AllThingsD
[ AllThingsD | 2012-04-11 00:00:00 UTC ]
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The U.S. Department of Justice has filed an antitrust lawsuit against Apple and five book publishers for alleged ebook price fixing the Wall Street Journal... Continue reading at PC World
[ PC World | 2012-04-11 00:00:00 UTC ]
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WASHINGTON -- Former Apple Inc. Chief Executive Steve Jobs and top executives at five major book publishers illegally conspired to raise the prices of ebooks, costing consumers tens of millions of dollars, federal and state officials alleged in antitrust suits filed Wednesday. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-04-11 00:00:00 UTC ]
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WASHINGTON -- The Justice Department on Wednesday sued Apple Inc. and five major book publishers for allegedly colluding to fix ebook prices. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-04-11 00:00:00 UTC ]
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The US accuses Apple and Hachette, HarperCollins, Macmillan, Simon and Schuster and Penguin of colluding over the prices of ebooks they sell. This lawsuit is over the firms' move to the agency model where publishers rather than sellers set price ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-04-11 00:00:00 UTC ]
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The Justice Department has formally decided to sue Apple, Hachette, HarperCollins, Macmillian, Penguin and Simon & Schuster over alleged ebook price-rigging. Apple and Macmillian have already denied any wrongdoing, saying that the agreements were enhancing competition in an industry... Continue reading at Engadget
[ Engadget | 2012-04-11 00:00:00 UTC ]
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E-book price fixing will cost consumers more than US$200 million this year, and U.S. antitrust authorities should take action against Apple and a group of... Continue reading at PC World
[ PC World | 2012-04-10 00:00:00 UTC ]
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The European and US investigation into ebook pricing may be approaching resolution, say US press... Continue reading at The Bookseller
[ The Bookseller | 2012-04-05 00:00:00 UTC ]
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Waterstones launched a new Buy One Get One Half Price (BOGOHP) promotional offer on selected... Continue reading at The Bookseller
[ The Bookseller | 2012-03-29 00:00:00 UTC ]
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Publishers need to emerge from the shadow of Nielsen BookScan and use their own judgement while... Continue reading at The Bookseller
[ The Bookseller | 2012-03-16 00:00:00 UTC ]
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Authors Guild President Scott Turow charges in an open letter about ebook pricing: “Our government may be on the verge of killing real competition in order to save the appearance of competition.” Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-03-13 00:00:00 UTC ]
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European Union antitrust chief Joaquin Almunia says that the Competition Commission is open to a settlement with publishers in the increasingly high-profile ebook price fixing case, but only if the companies address key regulatory issues. Almunia says regulators are coordinating with the Justice... Continue reading at Betanews
[ Betanews | 2012-03-12 00:00:00 UTC ]
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While Apple and book publishers may find themselves on the precipice of an antitrust lawsuit from the Justice Department, filings in a concurrent civil class-action lawsuit obtained by BetaNews indicate that Apple has already admitted to two of the most damaging allegations in the case that the... Continue reading at Betanews
[ Betanews | 2012-03-10 00:00:00 UTC ]
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The Justice Department has told Apple and five major publishers that it's planning to sue them for fixing ebook prices. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-03-10 00:00:00 UTC ]
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The Justice Department is warning Apple and its publisher partners they may have to answer for their pricing model. Continue reading at PC World
[ PC World | 2012-03-09 00:00:00 UTC ]
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The newest owner of The New Republic magazine is Chris Hughes, a new media guru who co-founded Facebook and helped to run the online organizing machine for Barack Obama's presidential campaign. Continue reading at The New York Times
[ The New York Times | 2012-03-09 00:00:00 UTC ]
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