Dubai Defaults on Knickerbocker

Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, part of Dubai World, a Dubai government-owned company (phew) has defaulted on their $300 million mortgage for the former Knickerbocker Hotel building in Times Square.

For more, we go to the Wall Street Journal: “Dubai World Coughs Up the Knickerbocker.”

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