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Bear Stearns Fallout: What About the Building?

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The market crisis resulting from JPMorgan Chase's $2/share bailout of investment bank Bear Stearns has a real estate subplot that goes beyond the "hopeful Coldwell Banker realtor" that Reuters reports "was hawking cheap apartments to employees who saw the value of their stock options go up in smoke." There's the matter of Bear Stearns' SOM-designed 45-story office building at 383 Madison Avenue, still fresh and reveling in nearly universal praise. If JPMorgan Chase acquired the building as part of the deal, does that mean they just paid $236 million for a nearly-bankrupt i-bank and its headquarters, which just so happens to be worth more than $1 billion? Unclear! Dealbreaker reports on the situation, made very tricky by Bear Stearns' complicated "synthetic lease" on the building. JPMorgan may make out like a bandit on 383 Madison, but then again, it may not. Another real estate subplot: who's going to pay double for all those 15 Central Park West flip jobs now?
· Does Bear Stearns Own 383 Madison? [Dealbreaker]
· 383 Madison Avenue [SOM]
· Sale Price Reflects the Depth of Bear’s Problems [NYT]