The 234 Apartment

December 4, 2011 by: Helen Thomas in New York The estate of bankrupt Lehman Brothers believes that Archstone – the apartment company that Bank of America and Barclays have agreed to sell part of their stakes in – is worth $1bn more in equity value than the price at which the two banks have struck their deal, people familiar with the matter said. The estate is considering mounting a matching bid to derail the banks’ deal with Equity Residential , the real estate company headed by Chicago mogul Sam Zell . EQR said late on Friday that it had agreed to pay $1.325bn in cash for a 26.5 per cent stake in Archstone, which was taken private at the height of the property boom. The deal values it at about $ 16bn including debt . However, the agreement with EQR triggers a right of first refusal for the estate of the investment bank, which filed for bankruptcy in 2008, to buy the stake. People familiar with the matter said that should Lehman exercise its right to match the offer, the banks hav...

NEW YORK (Reuters) - Lehman Brothers Holdings Inc agreed to sell property group Archstone to two real estate investment trusts for about $6.5 billion, taking advantage of a strong market for apartments and marking an end to a 2007 gamble that helped push the investment bank into bankruptcy. The buyers, Equity Residential ( EQR.N ) and AvalonBay Communities Inc ( AVB.N ), will split the assets 60-40 and will also take on Archstone's debt, for a total transaction value of $16 billion. Lehman collapsed at the height of the financial crisis in 2008, in part because of soured real estate bets , including the $23. 7 billion leveraged buyout of Archstone. The firm filed for bankruptcy and has been liquidating assets to pay back creditors , who are still owed more than $30 billion. Archstone, one of the largest owners of U.S. apartments, has a large portfolio of properties in metropolitan areas, where apartment buildings have been pricey and difficult to come by. The acquisition would...

Main Room Maceo Plex Recondite Levon Vincent Prism (Funky Room) Steve O'Sullivan (live) Architectural If Maceo Plex needed any proof that his breed of brooding, ethereal techno has a place in Ibiza, he only has to reflect on how his first artist- led residency smashed its debut season last summer.Mosaic by Maceo took Pacha down to a whole new level of the underground, and it´s back for round two in 2017. Retaking the Tuesday slot at Pacha, it returns for another marathon summer season with 19 dates in the calendar, and it all kicks on 30 May before reaching a climatic close on 3 October. On taking an eager look at his line-ups we've spotted a solid selection of returning guests, including Adam Beyer , Virginia, Steffi, DJ Koze, Pearson Sound, Stephan Bodzin (live), Paranoid London, Carl Craig, Daniel Avery, Shall Ocin, Joy Orbison and Bicep (live). Booked in for their first taste of Maceo's Mosaic venture in Ibiza are Ben Klock, Rødhåd, Mano Le Tough, Levon Vincent, Henr...

Tuesday night, the Planning Commission voted to approve recommendations for the rezoning of a property in East Austin that would allow for the expansion of a local music collective ’s campus, despite some commissioners’ wariness of how the upzoning might attract development less amenable to Austin’s endangered resident artists . Mosaic Sound Collective , a for-profit/nonprofit hybrid formed to help preserve Austin’s music culture in the midst of the city’s rapid growth, currently runs a modest operation of offices in what used to be a juvenile detention facility at 6400 FM 969. During the hearing, Commissioner Chito Vela jokingly said that he had heard the building was “haunted.” Cursed or not, if City Council approves the upzoning of the property from general office to commercial mixed use, Mosaic co-founder Chris “Curse” Mackey said he and other collective members have big dreams for turning the space into something “magical.” “(Our intention) is to create a legacy for the Aust...