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Thursday, December 27, 2012
“Now the property will start to get interesting again.”
So says Steve Kuritz, an analyst of mortgage-backed securities for Morningstar Credit Ratings, according to an online New York Post article on PCVST.
The gist is that the property has now been valued by an "independent appraiser" for CWCapital at 3.2 billion, which is closing in on the $3.4 billion necessary for the bondholders to break even on their investment.
The article continues: "Kuritz pointed to an uptick in cash flow from the rentals, which he estimates has risen to $167 million this year from $129 million in 2009."
Also: "The owners will have no shortage of bidders, based on the many suitors who have been salivating over the property for years."
Interestingly, one possible suitor, billionaire investor Wilbur Ross, states: “I would have no interest in it if it is simply an expensive ticket to internecine warfare among the tenants."
Don't expect a quick deal, though. A lawyer for CWCapital sees a "final resolution" occurring in 2014.