Word: wharfing
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...left many of these office towers half full and their developers slumping toward insolvency. Chief among them is Olympia & York, which made a grim return engagement in bankruptcy court last week, this time in Britain. The Canadian real estate giant sought protection from creditors of its London Canary Wharf project. No expense had been spared in this spectacular 71-acre building complex that was to become a shining epicenter of world finance...
...beleaguered Olympia & York, currently buried in a $12 billion debt, had asked banks for $540 million earlier in the month to salvage Canary Wharf. Lenders deemed the figure too low and responded that the project actually needed $900 million in rescue funding, but that seemed a bridge too far for the banks to reach. Another sorry note in the tale of this failing venture is % that O&Y had promised to contribute $720 million toward the construction of a subway line extending to Canary Wharf and beyond, a donation it's now unlikely to afford...
FROM THE CLASSY WORLD FINANCIAL CENTER IN Manhattan to the 71-acre Canary Wharf office complex in London, Olympia & York has changed the face of some of the world's great cities. But last week the biggest builder on earth sought shelter in bankruptcy court in Toronto and New York City after its owners, Canada's secretive Reichmann brothers, struggled vainly for months to restructure $12 billion of debt. While the action marked one of the largest real estate bankruptcies ever, it covered only a portion of Olympia & York's vast holdings -- including its 72-story Toronto headquarters...
Olympia & York is feeling the sting of sharply reduced real estate values, which are down by as much as 50% in some Manhattan and Toronto locations. But the most serious problem facing the family enterprise is London's $6.9 billion Canary Wharf project. A 71-acre office complex in the out-of-the-way Docklands area, it is the largest commercial property development in Europe. London faces a glut of 40 million sq. ft. of unused commercial space, though, and 40% of Canary Wharf remains vacant. Even that figure is deceptive, because many of Canary Wharf's tenants only signed...
...PHILANTHROPIST. Two decades ago, Christopher Hampton was proclaimed a budding genius for this drawing-room tragicomedy about a man who accomplishes only evil in trying to do good. Apart from Les Liaisons Dangereuses, Hampton's promise remains unfulfilled. New Haven's Long Wharf Theater revisits his breakthrough text...