Former Knickerbocker Hotel back on market after Dubai World defaults

03/3/2010 | Wall Street Journal, The

New York's former Knickerbocker Hotel, bought by Dubai World affiliate Istithmar World Capital in 2006 for $300 million, is going back on the market after Istithmar defaulted on the mortgage and handed the keys back to lender Danske Bank. The property, near Times Square, is seen as a highly attractive piece of real estate because it includes an adjoining vacant lot that Istithmar bought along with the hotel for an additional $76 million.

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