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Article: 200 Madison lease to sell at auction. (bankruptcy court to auction leasehold interest in 200 Madison, New York, New York; last in group of properties associated with late Ferdinand Marcos)
- Article from:
- Real Estate Weekly
- Article date:
- July 8, 1992
- Author:
CopyrightCOPYRIGHT 1992 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Marcos New York property ownership saga is set to end on July 20 when a bankruptcy court auctions off a leasehold interest in 200 Madison.
The 25-story building, whose lease runs until the middle of the next century, is the last of a group of Manhattan properties linked to the late Ferdinand Marcos, former president of the Philippines, to be transferred by foreclosure auction. The other properties are the Crown Building (730 Fifth Avenue), 40 Wall Street and Herald Center.
The properties were supposedly purchased "quietly" in the late 70's and 80's using Philippine government and American aid money. They later became the center of a heated ownership ...