Buyers of Huge Manhattan Complex Face Default Risk

09-09-2009 • NY Times

Now the buyers are running out of time and money. Paid $5.4 billion and an additional $890 million set aside for apartment renovations, landscaping and interest payments. Rents are down 25 percent from their peak.

Real estate analysts say that the partnership’s money will run out as soon as December and that the owners are at “high risk” of default on $4.4 billion in loans.

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