In the Wake of Dubai

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We’re living in a more and more globalized world and the global market affects all everyone no matter how far away one may be from the source. That said, it is not too shocking that a few New York City landmarks are being given up for auction in the wake of the Dubai debt crisis.

Last week the United Arab Emirates state said it will ask creditors for a six-month freeze of its debts in order to pay them down. The sovereign investment firm, Dubai World, is in $59 billion debt hole. These efforts might result in the sale of these noncore assets:

-The Jumeirah Essex House: This 78-year-old, 43-story luxury hotel is located on Central Park South and has an iconic rooftop sign that has become a landmark in the city.

-The Knickerbocker Hotel: This Times Square Hotel is located on the southeast corner of 42nd Street and Broadway and was built by John Jacob Astor. Legend has it that this is where the martini cocktail was originally invented.

-Barneys New York: This uber-famous upscale apparel chain was bought by Dubai’s Istithmar unit just 26 months ago for $937.4 million, but has been struggling amidst the universal economic downturn.

Their debt is due as soon as mid-December. If anyone wishes to have any these NYC landmarks return to American hands, feel free to let your paddles fly at the auction. With several high-profile assets in the United States and elsewhere in the world, Dubai World could stand to let go of some prime New York real estate.

Via New York Post

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