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KEYWORD HIT Donald Trump may have found a way out from under the oppressive debt thwarting his massive Riverside South luxury housing project on the Upper West Side.
Meanwhile, Trump won a round in his battle with the Pritzker family of Chicago over the future of the Grand Hyatt Hotel on 42nd Street.
Chase Manhattan Corp. and a syndicate of banks have tentatively agreed to sell $250 million of debt they hold on the abandoned railroad yards for between $80 million and $100 million, the Wall Street Journal reported yesterday. Chase officials declined to comment on the report.
However, Colony Capital Inc., a Los Angeles-based buyer of distressed real estate, confirmed that it is proposing to buy the debt. Reducing the debt and placing it with a single investor should make it easier for Trump to finance the first, four-building phase of the apartment project. The Journal...