Deutsche Bank will receive seven Manhattan skyscrapers for debts
4 February 2008Deutsche Bank has acquired the right to dispose of sale of seven Manhattan skyscrapers, which are the mortgage under the credit, given by the organization in February, 2007 to businessman Harry Macklowe.
The businessman has bought towers for $7 billion, having borrowed at Deutsche Bank $5,8 billion and $1,2 billion at fund Fortress Investment Group. Because of hypothec crisis Harry Macklowe has not found a way to refinance duty, which term of payment expires on February, 9th.
This week Harry Macklowe has reached the agreement with Deutsche Bank, according to which the Bank has agreed to prolong term of duty payment, in having got the opportunity to supervise process of the real estate sale. Harry Macklowe remains the owner of buildings in order to avoid superfluous expenditure on transfer of the property rights.
Harry Macklowe’s term of credit return to fund Fortress expires on February, 9th. Harry Macklowe has received the credit from Fortress, having given to fund including personal guarantees on $1 billion, and also shares in 12 New York buildings, which he owns. General Motors Building on the Fifth Avenue is among them.
