Revel sale deal not final yet

The reason for yet another delay in this long-running soap opera of a sale is that a new player in the form of Los Angeles property developer Izek Shomof has rather belatedly shown  interest.

That Judge Burns granted the extension despite Shomof’s so far unofficial bid being $2 million lower than Straub’s has mystified many of those who have been following the controversial sale of the Revel skyscraper, built just two years ago for $2.4 billion.
And as Straub’s legal representatives have already pointed out, Shomof’s bid is at present informal and comes with no firm proposals or guarantees.

Shomof, on the other hand, justifies the extension by saying that his experts were only recently furnished with financial information and given permission to take a look at the property in order to prepare a detailed offer.

Any deal will impact existing restaurant and other leaseholders presently occupying the building, and there remains the matter of millions of dollars owed to the building’s power generating company.

“If there is something else out there, if you could come up with an offer that’s more palatable to the objectors, maybe they won’t object,” Judge Burns said.