NYC Property Mogul Charles Cohen Sticks With Buy-and-Hold Plan in Crisis

dhita yudha

(Bloomberg) — All over Manhattan, trouble is brewing for billionaire Charles Cohen.

Rent collections lag at the Decoration & Design Building, his Midtown showroom palace for interior designers. He’s 60 days delinquent on loan payments for his 42-floor office tower at 3 Park Avenue South.

Even Quad Cinema, his beloved art-house theater in Greenwich Village, is dark — yet another sign of the travails facing the Cohen empire in the time of Covid-19.

If Cohen is sweating, he’s not admitting it. He is, after all, the scion of one of the city’s great real-estate families, with the psychic freedom of a $3.6 billion fortune.

“New York is going to get through this,” Cohen, 68, said during an interview from his Lexington Avenue headquarters. “At the end of the day, there’s no place like New York.”

Still, the pressure is building — and not only for Charles Cohen. The pandemic threatens

Read More