$600M Worldwide Plaza sale approved
July 07, 2009 12:32PM
http://therealdeal.com/blog/2009/07/07/george-comfort-completes-worldwide-plaza-deal-deutshce-bank-rcg-longview-macklowe-properties/
After the last deal fell apart, George Comfort & Sons and RCG Longview finally completed a $600 million deal with Deutsche Bank to purchase Worldwide Plaza. Rather than creating a joint venture, Deutsche Bank will just provide a $470 million mortgage for George Comfort and put up about $135 million in equity. The price comes to about $375 a square foot for the 1.6 million-square-foot tower at 825 Eighth Avenue, and the deal is expected to close later this month. As part of the agreement, Deutsche Bank will write down the original $1 billion mortgage it held on the property when Macklowe Properties bought the building in 2007.
http://therealdeal.com/blog/2009/07/07/george-comfort-completes-worldwide-plaza-deal-deutshce-bank-rcg-longview-macklowe-properties/
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