The W New York – Union Square hotel, which was acquired from Dubai’s Istithmar in a foreclosure auction last month by private equity fund LEM Mezzanine, isn’t finished working through its financial woes. DekaBank, a senior lender with a $60 million mezzanine loan on the property, is planning to hold a foreclosure auction March 24, the Post reported. Istithmar acquired the 270-room hotel at 201 Park Avenue South for $285 million in 2006. An additional $115 million senior loan on the property is current. [Post, 3rd item]
Posts Tagged ‘w union square’
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To the investors hoping to score one of Dubai’s prized Manhattan properties as the beleaguered city-state struggles to climb out of its $59 billion debt hole, analysts are saying: not so fast. In order to sell any of its five Manhattan properties, Dubai World, the government’s holding company, would be taking a big hit, which might not be wise. The Knickerbocker Hotel building, which the company bought for $300 million in 2006, is half-empty and worth “nothing,” one source told the Post’s Steve Cuozzo. “They’re going to take a huge hit if they sell,” said Dan Fasulo, managing director at Real Capital Analytics. “They’re going to get wiped out.” Dubai World may also be underwater at 450 Lexington Avenue, where the company has a 99-year leasehold, purchased in 2006 for $600 million. Meanwhile, the W Hotel Union Square, bought for $285 million in 2005, was scheduled for a Dec. 8 foreclosure auction. [Post]
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Architects do more than design shiny new buildings. David Rockwell can vouch for that. His firm, the Rockwell Group — which has designed the Elinor
Bunin-Munroe Film Center at Lincoln Center, the W New York and the W
Union Square — has taken a special interest in playgrounds. Working
pro bono, the company, which has an office at 5 Union Square West as well as in Madrid and Dubai, designed
Imagination Playground in Burling Slip, an unstructured free-play play
space in Lower Manhattan, featuring a collection of loose parts like
wheelbarrows, rolling carts and molded foam blocks, meant to encourage
kids to play creatively. The project broke ground this spring. A
portable version, known as “Imagination Playground in a Box,” will be
introduced in other cities around the country. The veteran architect
also acted as production designer for the revamped Academy Awards show
this year. Rockwell spoke with The Real Deal about his firm’s latest projects. [more]
