The scourge of Times Square is getting his own reality-TV show. Meanwhile, a Cadwalader partner sues over the mold in his Hamptons house, and the ‘Times’ thinks we care too much about people’s personal lives (can’t imagine why), and more, in our daily roundup of industry news.
No, not in the Damian Hirst sense, though that would be amazing: The art-loving SAC Capital Management CEO could have some problems with the SEC if he's not careful. Plus! An ex–Bear CEO jumps ship at JPMorgan, Natalie Portman's apartment goes on the block, and Condé Nast has a green issue, in our daily rundown of industry news.
• NBC golden boy Ben Silverman sells his production company, Reveille, to
Rupert Murdoch's daughter, Elizabeth. [LAT]
• CNN producer Chez Pazienza is forced to pack his bags after blogging for the Huffington Post. [TVNewser/Mediabistro]
• Us Weekly reports that OK! magazine "sensationalized" Grey's Anatomy star Eric Dane's battle with cancer in a cover story. (Actually, he only had some malignant cells on his lip frozen off in a doctor's office.) "This isn't the first time OK! has been wrong," they note. But is Us really crusading against yellow journalism? Or are they just annoyed they didn't get the scoop? [Us Weekly]
Just about a year ago, real-estate mogul Harry Macklowe borrowed $5.8 billion from Deutsche Bank to buy seven office buildings in New York City while putting up just $50 million of his own cash. That debt would have come due today, but last week Macklowe made a tentative agreement to turn control of the buildings back over to the bank, since the current credit crunch has made it impossible for him to refinance the debt. Though some holders of the debt are reluctant to sign on to the plan, according to The Wall Street Journal, the deal will probably go through by the end of the day. Meanwhile, Macklowe is pleading with another lender whose bill came due today — Fortress Investment Group, from whom he borrowed $1.4 billion in 2003 — to give him additional time. To pay them off, he'll have to sell off two other buildings he owns: a small midtown office building and the celebrated General Motors Building, bringing the total number of buildings he lost to nine.
If the deal with Deutsche Bank goes through, could this be the first multi-billion-dollar real-estate deal gone sour in which unsuspecting investors aren’t given the shaft — in the form of multi-billion-dollar write-downs or plummeting stock prices — and the responsible parties are the only ones to take it on the chin?
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We're no closer to knowing when the toxin-clouded former Deutsche Bank building will come down from its corner at the World Trade Center site, but we have fresh reason to look forward to the JPMorgan Chase tower that's supposed to replace it. Someone close to the process tells us that the ponderous bulge on the lower floors of the design (labeled a "beer belly" by some critics) has vanished from the plans. Early renderings indicated that the projection would hold the bank's trading floor, but it was received negatively by preservationists. The building still must negotiate a tangle of parking, security, and public spaces while offering wide, high trading floors, says our source. "Amenity floors and cafeterias and conference centers add up to different sizes," the insider explained. So some creative structuring beyond the standard straight tower model may still be required. But we have it on good authority that the architecture will be more sloping than slouching. That is, of course, if the state clears the site up before JPMorgan gets tired of waiting and starts considering other locations —Alec AppelbaumREAD MORE »