Mortgage bonds continue to punish investors
New York property touted to house iconic Apple store is stuck in a mortgage bond facing hundreds of millions of dollars in unpaid debt
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New York
A PROPERTY in New York City that investors were told would be the home of an iconic Apple store has instead wound up stuck in a mortgage bond facing hundreds of millions of dollars in unpaid debt.
Apple never built a store on the 34th Street site and, like much of the bond's remaining US$1.7 billion collateral, not one penny of the principal on its US$100 million mortgage has been repaid.
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