Rockefeller Center Owners File under Bankruptcy Laws

THE JOURNAL RECORD, May 12, 1995 | Go to article overview
Save to active project

Rockefeller Center Owners File under Bankruptcy Laws

NEW YORK (AP) _ The owners of Rockefeller Center sought bankruptcy protection Thursday, hobbled by a prolonged real estate slump that caused steep rental losses at one of the world's glitziest addresses.

Rockefeller Center Properties and RCP Associates said in a statement they had taken the action under Chapter 11 of the federal bankruptcy laws to develop a reorganization plan "that will be in the best interests of the creditors, tenants and employees of the properties."

They said the action taken in U.S. Bankruptcy Court because of "the impact of the deep and prolonged recession in the New York real estate market."

Under Chapter 11, creditors get a reprieve from debt payments while they work out a plan to repay creditors and stay in business, but must operate under supervision of a bankruptcy court judge. Tenants, employees and services won't be affected by the action, the owners said.

The namesake of the multibillionaire Rockefeller family is one of the most famous landmarks in the world, a multiblock layout of Art Deco skyscrapers home to nationally known fixtures ranging from Radio City musical hall to the NBC broadcast studios.

The world headquarters of The Associated Press, the world's largest news gathering organization, is also housed there.

The financial travails of the owners reflects the protracted slump in the commercial real estate market in Manhattan, which has reduced demand, lowered rental income and led to higher competition for tenants.

Rockefeller Center's problems have been compounded by the financial distress confronting Mitsubishi Estate, a large Japanese property business that acquired an 80 percent stake in Rockefeller Group six years ago for $1.4 billion, when the market peaked.

At the time the investment was seen as a reflection of Japan's economic pre-eminence and thirst for showcase U.S. properties ranging from Hollywood studios to golf courses and cattle ranches. But Mitsubishi's ownership in Rockefeller Center is now estimated at less than half its earlier value.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Cite this article

Cited article

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Rockefeller Center Owners File under Bankruptcy Laws


Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?