Mar
22
Why Israeli Investors See Cracks in New York’s Most Expensive Buildings
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Yields have climbed on Extell’s corporate bonds sold in Israel
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Developer says repayment won’t depend on `super high’ prices
Gary Barnett, the developer who touched off a luxury-condo boom in Manhattan, will play host next month to a group of Israeli bond investors who are worried aboutdimming global interest in New York City’s costliest homes.
Barnett’s Extell Development Co., which sold debt in Tel Aviv tied to the performance of some of its priciest condo developments in New York, saw his company’s bonds sink as low as 86 agorot on the shekel last week, with yields surging as high as 9.9 percent. It was the first sign of alarm by Israeli investors who since 2008 have financed a $2.4 billion borrowing spree by U.S. property builders…
Why Israeli Investors See Cracks in New York’s Most Expensive Buildings
