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HEADLINE: Kushner's 666 Fifth goes to special servicer |
Wednesday, September 8, 2010 |
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| Date | Thursday, March 04, 2010 | | Source URL | (Click to View) http://feedproxy.google.com/~r/trdnews/~3/84ovJplX6V0/27136 | | Headline | Kushner's 666 Fifth goes to special servicer | | Summary | The $1.215 billion securitized loan secured by the Kushner Companies
iconic Midtown office building at 666 Fifth Avenue was transferred to
special servicing yesterday as part of an effort to restructure the
loan, a company spokesperson told The Real Deal in a statement. Kushner
bought the building, located between 52nd and 53rd streets, for $1.8
billion from Tishman Speyer Properties in January 2007, at the time the
highest price ever paid for an office building. "The transfer of
the 666 Fifth Avenue loan was done at the request of Kushner Companies,
so that it could more easily engage in productive discussions with the
lender. The loan is not currently in default," the statement said. Peter
Slatin, editorial director of commercial data tracking firm Real
Capital Analytics said the move was part of a trend in owners seeking
to reduce their debt. "They are clearly hoping to take advantage
of the increasing willingness of lenders to restructure to avoid what
could be a challenging situation since they not only bought at the top
of the market, they defined the top of the market," Slatin said.
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Submarket Stats \\
| Date | Type | Submarket Name | Class | Vacancy | Rent | | 3/31/2010 | Office | Penn Station (Manhattan) | | 13.00% | $43.57/SF | | 3/31/2009 | Office | Penn Station (Manhattan) | | 10.70% | $50.00/SF | | 12/31/2008 | Office | Penn Station (Manhattan) | | 10.60% | $51.00/SF |
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