_Economy and Finance

Italy: Western Europe’s Least Welcoming Retail Market? Written by Euromonitor Italy's international reputation is built on sleek, chic design from fashion and furniture to cars, but despite its expensive image foreign retailers have been failing to strike it rich. http://www.marketresearchworld.net/content/view/2685/77/

$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/

http://geology.com/usgs/uses-of-copper/ Facts About Copper Copper Uses, Resources, Supply, Demand and Production Information Republished from a USGS Fact Sheet from June, 2009 Copper - A Metal Used Through The Ages Copper was one of the first metals ever extracted and used by humans, and it has made vital contributions to sustaining and improving society since the dawn of civilization. Copper was first used in coins and ornaments starting about 8000 B.C., and at about 5500 B.C., copper tools helped civilization emerge from the Stone Age. The discovery that copper alloyed with tin produces bronze marked the beginning of the Bronze Age at about 3000 B.C.

George Comfort blames Deutsche Bank for botched Worldwide Plaza deal June 24, 2009 02:58PM http://therealdeal.com/blog/2009/06/24/george-comfort-blames-deutsche-bank-botched-worldwide-plaza-deal-harry-macklowe-rcg-longview-peter-duncan/ George Comfort & Sons President Peter Duncan blamed lender Deutsche Bank for the breakdown in a deal to buy the former Macklowe Properties Worldwide Plaza west of Times Square. The real estate firm and investment partner RCG Longview were “disappointed that the seller, Deutsche Bank AG, has decided not to honor the contract,” Duncan said in a statement. The companies were in contract to purchase the 1.8 million-square-foot office tower at 825 Eighth Avenue between 49th and 50th streets after the bank took it back from Macklowe Properties. Duncan held out hope the deal could still be finalized. “We have an executed sales contract, a significant hard deposit in place, and even a closing date of June 30th from the seller’s attorneys. We are ready ...

Worldwide Plaza deal in trouble June 23, 2009 02:00 PM Real estate sources say a deal to sell Worldwide Plaza — one of the seven office towers Harry Macklowe was forced to return to his lenders — has fallen apart. This is the second time a deal to sell the building has fallen through, and both instances involved George Comfort & Sons as the buyer. In the latest transaction to break down, George Comfort and real estate investment firm RCG Longview struck a deal to purchase the 47-story tower for an undisclosed sum earlier this month. Deutsche Bank, which controls the building, would have retained a stake and provided financing for the deal. Sources say Deutsche Bank killed the transaction. According to the Wall Street Journal, the building is on the market again. http://therealdeal.com/blog/2009/06/23/worldwide-plaza-deal-in-trouble/

COMFORT SCORES WORLDWIDE DEAL By LOIS WEISS Last Updated: 5:31 PM, June 10, 2009 Posted: 2:17 AM, June 5, 2009 In what will be the city's largest office transaction this year, Worldwide Plaza is in contract to be sold to a joint venture led by George Comfort & Sons that includes RCG Longview and the building's lender, Deutsche Bank. http://www.nypost.com/p/news/business/item_mgaWEstKJCzUgj9xAJSbdO

http://www.rreef.com/ Global Commercial Real Estate Debt: Deleveraging into Distress Executive Summary The quantity of distressed commercial real estate (CRE) will continue to increase globally as the deleveraging process unfolds over the coming years. Implosion of the global financing market coupled with the economic recession has increased stress on both properties and their owners. Seizure of the commercial mortgage backed securities (CMBS) market is increasing the demand of properties needing to refinance but the dislocated financing market is limiting the supply of new loans available.