Monday, January 25, 2010

That's a Pretty Big Loan...

The New York Times is reporting today about a rather major default; the debtors defaulted on $3 billion worth of notes last week.  The 5.4 billion dollar deal which defaulted had involved 110 buildings and 11,227 apartments in what was the most expensive real estate deal of its kind in American history.

Wonder if anyone will try to step in and convert the to condominiums or cooperatives?  Hah!

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