China Oceanwide Gets Time to Repay Debt on Manhattan Tower Site
- Forbearance deal comes after default on $165 million loan
- Developer planned a 1,500-foot tower near the Brooklyn Bridge
The New York City skyline.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
China Oceanwide Holdings Ltd., the developer that’s struggled to salvage $3.5 billion of US real estate investments, reached a forbearance agreement with lenders on a site where it planned to build one of lower Manhattan’s tallest towers.
The deal marks a reversal from May, when Oceanwide said it had lost control of the property at 80 South St. after defaulting on a $165 million loan from DW Partners. Under the agreement, Oceanwide will make “extension payments” through October and has an option to extend the standstill for another month.