Company Plans to Keep Stake in Rockefeller Center
As the deadline approaches for Mitsubishi Estate Co. to submit plans to restructure the bankrupt Rockefeller Center property, the Japanese real estate company said it plans to retain control of the New York landmark.
Mitsubishi said it will submit its plan to the Bankruptcy Court in New York by Sept. 12. The announcement comes amid a flood of offers from others, including Walt Disney Co., to buy all or part of the property.
Mitsubishi declined to say more, adding only that the plan contains opinions from a “wide variety of sources.”
In 1989, the company paid $1.4 billion for 80% of Rockefeller Group Inc., the parent of the two partnerships that own the Art Deco complex in the heart of Manhattan. Rockefeller family trusts own the other 20%.
Soon after the purchase, New York office rents tumbled and vacancies soared, cutting revenue from the building and making the group unable to meet payments on a $1.3-billion mortgage.
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