Faceplant: UBS saw profit fall 58 percent in the second quarter. The firm wasn’t helped by a $356 million loss connected to Facebook’s initial public offering, in which technical glitches at Nasdaq caused UBS to buy more shares than its clients had ordered. “We will take appropriate legal action against Nasdaq to address Read More
Billionaire landlord Sheldon Solow has locked up a $625 million loan from Deutsche Bank AG to help refinance a securities-backed debt tied to 9 West 57th Street that was slated to mature in February, sources confirmed.
The loan, which was first reported by Bloomberg.com last week, will be used as “ongoing capital” for 9 West 57th, a person familiar with the matter told The Commercial Observer.
On Nov. 15, Stephen Ross, chairman of the Related Companies and owner of the Miami Dolphins, strode into Room 238 of the New York State Supreme Court, four minutes after litigation over 3 Columbus Circle was slated to begin. A dozen lawyers waited around a square table in the center of the room, rattling gold Read More
Deutsche Bank is behaving mysteriously.
The financial giant is prowling for 450,000 square feet of space, said a source close to the negotiations, for a lease that would be one of the biggest of 2008. The source wouldn’t say much else, except that Deutsche is searching “everywhere,” including in both new and old construction, Read More
It seems the Deutsche Bank-owned building at 31 West 52nd Street sold to Albert Behler’s Paramount Group for just shy of $600 million, according to SL Green, the city’s biggest office landlord.
Last month, we reported that the building went for more than $500 million, though SL Green today released Read More
Manhattan District Attorney Robert Morgenthau announced today that his office has opened an investigation into the Aug. 18 fire at the Deutsche Bank building near Ground Zero “to determine whether any criminal violations occurred in connection with the fire.”
There’s a lot to go on.
Did a construction worker’s lit cigarette spark the fire? Bloomberg Read More
Tomorrow shareholders in the Tribune Company meet to approve an $8.2 billion deal to sell the company–publishers of The Los Angeles Times, Newsday and The Chicago Tribune–to billionaire real-estate developer Sam Zell.
Or do they? The New York Times this morning examines whether the precipitous slump in the newspaper industry (even since the Zell deal was announced in April) might Read More
Harry and Billy Macklowe are so busy. Two months ago, they more than doubled their New York portfolio with a $7 billion buy from Blackstone. And now here comes their next prize.
We already know that the Macklowes are planning something at the corner of Park Avenue and 56th Street, where they own the soon-to-be-demolished Read More