A growing group of lenders are looking to unload hundreds of millions of dollars of souring hotel loans. Teams hired to sell the portfolios say it's just the beginning of a surge in activity.
SL Green has raised over $1 billion in cash since the pandemic began to strengthen its financial position and also buy back stock, which was trading at around $48 a share on Friday, almost half of where it was earlier in the year before the pandemic began. Taking over an asset such as 590 Fifth Avenue is likely to be costly. For one, the company will have to assume payments on the building's $83 million senior mortgage. It may also need to invest millions of dollars to improve the building to lure retail and office tenants.
SL Green, meanwhile, is facing other sizable capital outlays from its expansive book of real-estate loans. The company's chief executive, Marc Holliday, revealed on its recent earnings call to discuss the company's second-quarter results that it is planning to take control of the Lipstick Building, a 34-story office building on Third Avenue, that it has held a mortgage against.
"We will intend to lease and manage and operate that building going forward," Holliday said on the earnings call, stating that the company was "coming up with an appropriate redevelopment plan for that building," which faces a large vacancy with the pending departure of its biggest office tenant, the law firm Latham & Watkins.
Do you know how much empty commercial real estate is worth? That’s right, nothing.
Thankfully your paywall is preventing me from reading this horrible take
THIS IS REAL NEWS ...
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meet Stephen Ross: Inside his life and $7.2 billion net worth - Business InsiderStephen Ross — Trump donor and Equinox chairman — is reportedly mobilizing a $100 million campaign to elect NYC's next mayor. Take a look at how one of the city's richest residents built his fortune. Unless he is giving it to mayawiley we dont wanna hear it!!!
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside Santa Barbara County, Prince Harry and Meghan Markle's new home - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Why do we need to talk about it? They are cute they are loved It here in covid it’s harsh just relax be happy enjoy things cuz life is going to get harder
Source: BusinessInsider - 🏆 729. / 51 Read more »
Lloyd's has unveiled the insurtechs that'll take part in its fifth accelerator program - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
8 lessons for business leaders to be successful in a future crisis - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trump WeChat ban worries business leaders at Apple, Disney, Walmart - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Lol, Ohhh the horror, apps may get banned, but not the ones spying on Americans America does not believe in free markets
Source: BusinessInsider - 🏆 729. / 51 Read more »
eBay guide to starting your business and create the perfect listings - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »