Trending
Dubai’s high-profile NYC properties could be sold off amid debt crisis
From left: Jumeirah Essex House, the Mandarin Oriental hotel, the Knickerbocker Hotel
The news of Dubai’s debt crisis, which has put already-teetering global commercial real estate markets on edge, stands to shake up New York City real estate as the state unloads its noncore assets in attempts to raise cash and pay off creditors. Dubai World, the government-controlled holding company, which last week announced that it would seek to delay payments on $59 billion worth of debt, owns iconic city properties like the Jumeirah Essex House, the New York W, the Mandarin Oriental hotels and the Knickerbocker Hotel. Deloitte, the accounting firm hired by Dubai World to restructure its liabilities, plans to ready a list of valuable, non-strategic assets that can be sold off quickly, the Post reported. Sources said high-profile hotels like the New York W and the Oriental would be likely to top such a list. [Post]