That's the same problem at 601 Bangs, the gas company building. Debt
is about $3.5 million. Income is less than $100K annual (so many have
moved out, I'm gussing far less now).
Not to mention the law firm that has the top two floors has 18 years
left on a lease at $5.00 per square foot, and they control 24 of the
parking spaces. They ain't budging!!!!
There's no way the Court will be able to sell that building unless the
bank agrees to take a loss.
I know of some others in AP facing the same fate. They all bought
with "Asbury-itis" thinking any price was OK. Banks went along. Now
they can't sell because the loans are more than people are willing to
pay, and the banks won't loan anymore.
Won't say who out of respect for the owners.
--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> THE Macklowes aren't the only real estate barons in a tight spot. The
> Kushner Companies, also family owned, plunged into the Manhattan real
> estate market in 2006, paying $1.8 billion for 666 Fifth Avenue, at
> 53rd Street. The cash flow from 666 Fifth represents only about
> two-thirds of the amount needed to service the debt on the building
> a shortfall of about $5 million a month according to Real Capital
> Analytics, a research company in New York.
>
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