According to one report, the suit alleges that Conseco effectively stalled the refi in late summer. Sept. 11 and the resultant capital-markets tailspin sealed the fate of the Trump move. The refi would reportedly have put Trump in a position to buy out Conseco and the stall tactics allegedly were programmed to better their terms. Conseco spokespeople have been quoted as dismissing the suit as groundless.
The GM Building has made news before under the Trump/Conseco ownership, which dates back to 1998. In the midst of the long up-cycle run in the economy, rents in the GM Building came close to $100 per foot, a record for Manhattan office space.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
