Rainbow Room Getting Shiny New Makeover
After two years of sitting empty, the Rainbow Room at last sees some action.
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After two years of sitting empty, the Rainbow Room at last sees some action.
The search for a tenant has apparently been suspended.
Lenders are owed over $3.6 billion — not that they're going to get it.
And why is he ranked below the Speyers?
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.
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