Lenders are owed over $3.6 billion — not that they're going to get it.
And why is he ranked below the Speyers?
This could be complicated.
Rather than face a painful and protracted foreclosure, the two companies have given up the massive apartment complex.
This means foreclosure will likely come sooner rather than later.
They were judged to have improperly deregulated rent-stabilized apartments.
Sources tell the paper that, at maximum, the investment group headed by Tishman Speyer and BlackRock has until February before they run out of cash to service their debt on the massive property.
Though, I'll admit, I'm not above chuckling about it.
A judge ruled that they may owe tenant up to $200 million for illegally raising rent and deregulating apartments.
The actress smoothly buys into a hard-to-crack co-op, while JPMorgan and the New York 'Times' struggle, in our daily digest of real-estate, finance, media and law news.
"Wall Street got drunk," the president said, "and now it's got a hangover." Also, Donald Trump Jr. invests in India, 'Esquire' editors decide to flash people, and more, in our daily roundup of finance, real-estate, media, and law news.
Also, Lehman Brothers weighs its options, and 15 CPW breaks the $100 million barrier.
A dating blogger seeks a book deal, trading desks think recession, and Jean Nouvel wins the Pritzker in our daily roundup of media, finance, law, and real-estate news.