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Old Posted Apr 2, 2009, 12:58 PM
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New Yorker for life
Join Date: Jul 2001
Location: Borough of Jersey
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Defaults Rise as Worst Is Yet to Come for Commercial Property

By David M. Levitt
April 2, 2009

The Nobu Hotel & Residences in lower Manhattan is among properties on Real Capital’s troubled asset list. Real Capital called it a “challenged development” because Nobu has lost some construction funding. The planned 62-story tower, the Nobu sushi restaurant chain’s first U.S. hotel, was being built by investor Kent Swig and is near the New York Stock Exchange.
NEW YORK heals.

“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.
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