REAL ESTATE
From Times Staff and Wire Reports
Olympia & York Misses Loan Payment: The world’s biggest commercial landlord said it had missed a payment on an $800-million bond obligation secured by a prized Manhattan office tower. The Canadian company, which is believed to owe $18 billion, confirmed through a spokesman in a story in the Wall Street Journal that it failed to make the $62-million payment on March 25. O&Y; disputed the assertion that it was in default, since there is a grace period for payment, which expires sometime next week. But the company declined to specify the expiration or say whether it would make the payment.
