Hi Yupette,
Did you notice the article in the Wall Street Journal on August 25th about commercial property owners defaulting on mortgage payments for "underwater properties"? According to the Journal a prime player is the Arlington County Board's pet developer - Vornado Realty, which I believe owns and manages the County office building at 2100 Clarendon Blvd.
Joan - 22207
13 comments:
WSJ article -
"These companies all have piles of cash to make the payments. They are simply opting to default because they believe it makes good business sense."
There go the WSJ neocons again, American corporations are lovable pirates who can do anything they please. Just don't you default on your mortgage payments if your home is underwater.
What happens when Arlington's luxury condo bubble bursts?
Vornado earned $565 million the first six months of this year.
Vornado also apparently owns 2200 Clarendon Blvd., headquarters of the County Board's pet law firm, Walsh Colucci.
Anyone know how I can start my own REIT?
Great, as if we don't have enough problems with people walking away from residential mortgages.
Yes, what happens when the County's Club Hedo bubble bursts?
Anyone know who Vornado's mortgage holders are?
WSJ July 29th - "Vornado Walks Away From Carolina Furniture Mart"
Vornado/Charles E Smith Realty is principal landlord of Crystal City properties -- scheduled to get tens of millions of taxpayer subsidies (including very own streetcar) and hundreds of millions of dollars of bonus density credits in Chris Zimmerman's latest faux, "Look at me! I'm green!" developer give away.
Appears that Vornado has walked away from about $400 million worth of underwater properties over the past 6 months.
Think the Dems are bad? If the Repubs controlled the County Board they would be giving Vornado 10 times the bonus density for "by right" buildings with LEED scores of 15 and 800 vehicle underground garages,
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