RE:Baker’s a buyer not a seller, lol99Reasons wrote:
Funny how Saks real estate was bank appraised at 3.7 billion in 2013/2014... real estate market has been up, up, up. I’ve got patience Mr. Baker. Everyone knows you will develop the real estate and sell HBC and Saks. I can be patient.
Yeah, everyone knows that the Chinese have been buying NY real estate left, right and center for the past decade. If they've put Saks up for sale at 2 billion, it would probably go in a matter of days!
I can believe that retail rents have been under pressure for sure time, but no way the property lost half of it's value in 5-6 years time. That's just ludicrous. Another use for the property (most likely residential) with added stories on top of the patrimony building and anyone would make a killing there.
I think we should all contact the institute of the chartered appraisor in the proper jurisdiction for them to investigate CBRE's appraisors... I mean, it's pretty obvious that the individuals were filling a request for a low appraisal rather than a truly objective evaluation, which is illegal and could get the appraisor in doodoo, which they deserve.
In any case, the board's PR is useless... There are only 2 SHs that they must convience and it's not this PR that will change anything. Perhaps Catalyst will change their mind if they can't gather the financing, but it's not a lame and threatening PR that will change their minds... Cmon.