clock menu more-arrow no yes mobile

Filed under:

Eye on Dubai: No NYC Fire Sale?

The Post's Steve Cuozzo says Dubai's debt troubles will not lead to panic at Dubai-owned NYC properties like the Essex House, W Union Square, Knickerbocker Hotel and Mandarin Oriental. Selling the properties won't bring much relief due to plummeting values (the Mandarin Oriental was bought for $1 million per room), and then there's the mystery surrounding everything Dubai: "Guessing the intentions of a beleaguered and secretive Middle Eastern city-state is a fool's game. Plus, insiders said, debt structures on the properties are not all consistently recorded, puzzling the smartest dealmakers." [NYP]