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  #21  
Old Posted Oct 28, 2008, 8:39 PM
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Definately don't wanna see this one collapse. It's one of the best projects for Midtown.
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  #22  
Old Posted Oct 28, 2008, 10:24 PM
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I don't think the project will collapse, but worse case scenario just be pushed back until the mess is worked out.
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  #23  
Old Posted Oct 29, 2008, 1:15 PM
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Originally Posted by Dac150 View Post
I don't think the project will collapse, but worse case scenario just be pushed back until the mess is worked out.
Or maybe slowed down a bit. Here's a little more:

http://www.nytimes.com/2008/10/29/re...l/29hotel.html

“Any hotel that is not under construction now, or does not have financing in place, will be delayed at least 12 to 18 months,” Mr. Burwell said. “Getting new construction financing is not impossible, but it’s very close to impossible.”

The stalled projects include two proposed high-end hotels with construction loans from Lehman Brothers: the Shangri-La on Lexington Avenue and 53rd Street, with 206 rooms; and the Nobu Hotel and Residences, on Broad Street in Lower Manhattan, with 128 rooms.
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  #24  
Old Posted Oct 29, 2008, 5:39 PM
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That report also mentions 99 Church Street. Some of the city's best projects are certainly showing signs of a slowdown.
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  #25  
Old Posted Nov 4, 2008, 12:31 PM
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http://www.nypost.com/seven/11042008...862.htm?page=0



November 4, 2008

The media are full of stories about development schemes that supposedly tanked.

Some have indeed cratered, but not all have - at least not yet - despite what The New York Times says.

Two weeks ago, the Times included Aby Rosen's 65-story, Norman Foster-designed Shangri-La hotel/condo tower on Lexington Avenue at 53rd Street among "stalled" hotel projects because it was counting on a construction loan from Lehman Brothers. Crain's piled on, calling the Shangri-La "another potential victim" of the Lehman mess.

In fact, excavation and foundation work are noisily ongoing. Lehman's $145 million loan to Rosen's RFR Realty was not for major construction, but rather a starter loan to get the job off the ground, banking sources said.

RFR declined to comment. But we've since learned that Lehman had sold off 80 percent of the debt to ING Finance before the firm collapsed; and Swedbank of Sweden has taken over the remaining small Lehman position.

There is an element of "uncertainty," as my colleague Lois Weiss recently wrote.

RFR will need a construction loan next year - a challenge for sure. But that's a far cry from the Times' "stalled." It will be genuine news indeed if powerful RFR comes up dry.
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Last edited by NYguy; Nov 4, 2008 at 12:46 PM.
     
     
  #26  
Old Posted Nov 27, 2008, 8:05 PM
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11/24/08

By: Skylimitone - Wired New York

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  #27  
Old Posted Dec 28, 2008, 10:04 PM
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http://www.nypost.com/seven/12232008...ght_145532.htm



December 23, 2008

As bad as things are, there's no need to make them worse.

New York Times reporters should venture beyond their taxpayer-subsidized, eminent domain-enabled ivory tower on Eighth Avenue and actually look at the properties they write about.

On Sunday, the Times, for the second time in two months, included RFR Realty's Shangri-La hotel on Lexington Avenue in a story about hotel projects where work "has halted," supposedly because it was "bankrolled" by Lehman Brothers.

In fact - as is obvious to anyone strolling by, and as we pointed out on Nov. 4 - foundation work is noisily ongoing.

Developer Aby Rosen will need a construction loan next year but there has been neither a work stoppage nor a retreat from the original plan.

Moreover, Lehman did not "bankroll" the job - its relatively small, $145 million loan was for pre-construction uses. Most of that debt was sold off to ING Finance before Lehman fell, and Swedbank has since taken over the rest of the position
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  #28  
Old Posted Feb 13, 2009, 10:40 PM
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I was apprehensive to believe it before but this is absolutely stalled. The machines don't seem to have moved in the past month. damn. this is a cool
one too.



For height comparison, directly across the street are these 2 behemoths. The Shangri-La will be taller than the one on the right and shorter than the one on the left. The left on, the Citicorp, is 915ft tall.
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  #29  
Old Posted Feb 14, 2009, 1:35 PM
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Originally Posted by Scruffy View Post
Reminds me of the World Trade Center.

As far as this tower goes, its clear they don't have the financing at this point to continue.
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  #30  
Old Posted Feb 14, 2009, 7:04 PM
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And that's keeping in mind that the WTC's shortest tower on the main site will be taller than Citicorp, the tallest in Shangri-La's cluster.
     
     
  #31  
Old Posted Feb 14, 2009, 9:52 PM
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Quote:
Originally Posted by Scruffy View Post
I was apprehensive to believe it before but this is absolutely stalled. The machines don't seem to have moved in the past month. damn. this is a cool
one too.
Not suprising, Shangri-La's that are in the works of going up all over seem to be having this little problem. The one in Chicago is the perfect example.
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  #32  
Old Posted Feb 15, 2009, 1:06 AM
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And that's keeping in mind that the WTC's shortest tower on the main site will be taller than Citicorp, the tallest in Shangri-La's cluster.
That's true, a reminder of how awesome the new WTC will be. But that photo reminds me of looking up at the original WTC, the way the towers are slightly off.
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  #33  
Old Posted Feb 17, 2009, 12:00 AM
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There is something very mesmerizing looking straight up at tall towers that are lit up at night. They seem so much more imposing and tall.

Is it the same with you guys?

(check out OBP here on the right hand side to see what I mean)
     
     
  #34  
Old Posted Feb 17, 2009, 1:12 PM
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Originally Posted by antinimby View Post
There is something very mesmerizing looking straight up at tall towers that are lit up at night. They seem so much more imposing and tall.
That's when you are seeing towers at their most imposing - when they are right in front of you, and not on some distant skyline, or up the block. It's almost as if these towers are alive (the lighting makes it more so).
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  #35  
Old Posted Jun 19, 2009, 11:07 PM
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http://therealdeal.com/newyork/artic...angri-la-hotel

Rosen faces foreclosure suit at hotel site



June 19, 2009
By Adam Pincus


Developer Aby Rosen faces foreclosure at 610 Lexington Avenue hotel site.
The lenders for the Midtown development where Aby Rosen's RFR Holding was slated to build Shangri-La Hotel, New York, have filed to foreclose on $144.2 million in loans and fees used to buy, plan and develop the site, court records say.

ING Real Estate Finance and Swedbank sued to foreclose on the loan to Park Avenue Hotel Acquisition, a company registered at the address of developer Aby Rosen's RFR Holding, which was slated to develop the Shangri-La Hotels and Resorts' tower at 610 Lexington Avenue, at 53rd Street.

The borrower was unable to refinance its loan by an April 8 deadline, and so ING determined the loan was in default on June 15, the filing says.

Crain's reported in April that Shangri-La had pulled out of the New York project, where the hotel and RFR Holding planned to build a 64-story hotel tower with residential condominiums on the top 10 floors, next to the landmarked Seagram Building at 375 Park Avenue at 53rd Street.
Shangri-La was to manage the hotel under a 2007 development and operating agreement signed with RFR Holding.

The default could be costly for Rosen, his RFR partner Michael Fuchs and Shangri-La Asia Limited, all of whom are named in recourse carve-out provisions as guarantors, the court papers filed June 16 in state Supreme Court say.

RFR Holding, Shangri-La and ING did not respond to requests for comment.

RFR Holding owns significant properties in New York City such as Lever House and the Seagram Building. Although considered a stable company, a loan to an RFR Holding-affiliated entity that owns a retail condo at 60 East 55th Street, was listed as delinquent in May, according to loan tracking firm Trepp.

The original $145 million loan issued by Lehman Brothers Holdings in April 2007 to the RFR affiliate was composed of a $98.64 million acquisition loan; a project loan of $19.3 million for pre-developments costs; and a building loan of $27 million to fund demolition and construction costs, the court filing says.

The note had an original repayment date of October 8, 2008, with an option to extend to April 8.

That loan was transferred in stages from Lehman Brothers and related entities to ING Real Estate Finance, a division of the Dutch ING Group; and the Swedish Swedbank, in a shift that was completed by November 2008.

David Arena, president of Grubb & Ellis New York, who was not involved in the property, said falling property values would bring more defaults of this type.

"It is all maturity default risk. The loans are going to come due, and values will be way below what the current owner is in for, and the buildings are going to go back to the banks and financial service companies," he said.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #36  
Old Posted Jun 22, 2009, 1:16 AM
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So it looks like this property will be up for grabs in the near future. Can't see it being unused for long given its prime location. I just hope we see something good develop here.
     
     
  #37  
Old Posted Jul 17, 2009, 4:14 PM
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http://www.crainsnewyork.com/article...FREE/907169975

RFR’s Rosen and Fuchs sued for $145M
Lenders sue to recoup at least $145 million personally guaranteed by Aby Rosen and Michael Fuchs after Shangri-La hotel project goes into foreclosure.


By Theresa Agovino
July 16, 2009

RFR Holding partners Aby Rosen and Michael Fuchs are being sued for at least $145.6 million to repay a loan they personally guaranteed on a hotel project that is now in foreclosure.

Lenders ING Real Estate Finance and Swedbank AB filed to foreclose on the hotel project last month, but amended the complaint last week to exercise a clause that makes the duo as well as others personally liable for the loan, late fees and other expenses.

According to last week’s suit filed in New York State Supreme Court, the borrowers failed to pay $278,759 in real estate taxes which put them in breach of the credit agreement and paved the way for lenders to seek the full amount of the debt.

Messrs. Rosen and Fuchs were planning to build a hotel with Shangri-La Asia Limited on Lexington Avenue and 53rd Street. Shangri-La is also named in the suit. Lehman Brothers made the original $145 million loan in April 2007 but by last November it was shifted to ING and Swedbank.

The two men are well-known in real estate circles, owning two landmark properties favored by hedge funds and financial firms: Lever House and the Seagram Building. Additionally, Mr. Rosen is an avid art collector. Some experts were surprised that the sophisticated duo would agree to personally guarantee a loan since real estate developers are known to finance projects largely with other people’s money.

Experts say the lawsuit seeking damages from individual developers is a sign of lenders’ growing exasperation with delinquent borrowers as missed payments and foreclosures become increasingly common. Whether such suits will become a regular occurrence will depend in part on whether borrowers personally guaranteed their loans.

“This is an unusual step to take by the lenders,” said Ross Moskowitz, a partner at Stroock & Stroock & Lavan. “There’s not much precedent because personal guarantees are not the norm.”

Shangri-la did not have immediate comment and Messrs. Rosen and Fuchs could not be reached.
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  #38  
Old Posted Oct 11, 2009, 11:20 PM
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According to emporis.com this tower is cancelled
     
     
  #39  
Old Posted Jan 14, 2012, 3:37 AM
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http://therealdeal.com/blog/2012/01/...count-sources/

RFR buying $144M note at 610 Lexington at discount: sources
January 13, 2012 06:00PM
By Adam Pincus



Aby Rosen’s RFR Holding is in contract to buy back the debt for far less than the $144.2 million face value at the Midtown development site at 610 Lexington Avenue, a source familiar with the deal said.

Although the vacant property, where Rosen sought to build the Shangri-La Hotel, New York, is in contract to RFR Holding, it was not clear when the sale would close, the source said. The site is adjacent to Rosen’s iconic Seagram Building, at 375 Park Avenue.
In 2007, RFR borrowed $144.2 million from Lehman Brothers Holdings for the development of the 64-story hotel at the corner of Lexington Avenue and 53rd Street. However, the project stalled during the credit crisis. First, Lehman transferred the loans to ING Real Estate Finance in November 2008, city property records show. Then in April 2009 it was reported that Shangri-La had withdrawn from the project. Two months later, ING filed to foreclose on the loan.

Rosen’s company is expected to buy the note for about $75 million, but he had competition from various investors including Roy Stillman’s Stillman Development International, which signed a contract for $80 million, but did not close, according to another source.

The site has rights for just over 200,000 square feet of development, information from PropertyShark.com shows.

RFR did not respond to a request for comment, and Stillman Development and ING declined to comment.

Even as some of Rosen’s projects have been delayed by the downturn, hotel assets have strengthened in value over the past year in Manhattan.
     
     
  #40  
Old Posted Jan 15, 2012, 7:47 PM
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This site will eventually be developed - no question . . . the question is by who.
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