Dubai World hands second NY building back to lender

Published 04th Mar 2010

Danske Bank took control of a 104-year-old office building in New York’s Times Square from Istithmar World, the second loss of a Manhattan property by the Dubai World unit in three months.

Istithmar defaulted on the mortgage, said Henrik Hoffmann, executive vice president for group credits at Danske Bank, Denmark’s largest lender. The Copenhagen-based company hired Jones Lang Lasalle Inc. to sell the property, the site of the former Knickerbocker hotel, he said.

“It’s very rare that a prime corner of Times Square comes up for sale,” said Dan Fasulo, managing director of research firm Real Capital Analytics Inc. in New York. “There will be a plethora of interested buyers.”

Source: ' PropertyWeek '

View All Latest News