Teri Buhl finds a real job

100 W. Putnam


Drat – there goes my free content. But here she is with a Fortune article on Barry Sternlicht’s play for the last of the Antares empire, the old UST building on Rt. One. Sternlicht may be on the cusp of seizing control of the building away from Antares and perhaps even grabbing the whole thing for $60 million, less than half it last sold for.


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10 responses to “Teri Buhl finds a real job

  1. Walt

    Dude –
    You should be happy. Now you don’t have to go Dutch with this Teri McBeal chick when you go out. You can make her buy!! She has a real job. You should get one!!
    I am sticking with Stephanie. That little minx.
    Your Pal,

  2. BG

    Chris – Writing for your readers is still a real job and so are the facts I printed as a news story on For What It’s Worth.
    Thanks to all who keep reading my prints!

    Teri Buhl

  3. Walt

    Dude –
    Take the pipe out of your pocket. It’s embarassing. SHAAAAWING!!
    Your Pal,

  4. Anonymous

    Shockingly garbled report by Ms. Buhl. I had been a fan of hers but this item in Fortune has correct fragments but many errors.

    • Feel free to send along corrections. I had many of these details myself but held off in deference to Teri. If principals insist on lying, as they have here, you really can’t blame a reporter for putting together scraps as they come along and putting out a story. If you want your side of the story reported, why not tell the truth when someone asks, rather than hide behind “no comment” or outright lying, and then complaining when the story isn’t “accurate”?
      And try using your real name, now and them. It adds veracity to your comments.


    It’s over. With the loss of this property the whole whole ball of string unravels. Adios to the Gods who bought into Pure, breast implants, Greenwich real estate, and the “lifestyle” while those at Greenwich Technology Partners died a slow and agonizing death. F*** You Joe. I will be at the foreclosure auction with my checkbook.

  6. Joe

    Chris is right – He was first to report on Antares trouble two years ago. I don’t even know wht Joe B. is doing these day but I sure Jim Cabrera is out looking for a job now. Sternlicht – who didn’t take a lot of risk with his investors money is sitting in a great position to spend it now on deals like this – an score a sweet deal.
    Please keep us updated when Starwood gets a hold of the building’s management contract. Then we know it’s time for Jimmy to admit final defeat.

    Really good writing on this Buhl-nice to see you land at Fortune.

  7. Anonymous

    Among Ms. Buhl’s errors:

    — Starwood has apparantly bought the juniormost sliver of the $130 million mortgage, not the mezzanine loan. The investment in the so called “B4 note” ($26 million if Starwood paid par, and less is Starwood bought at a discount which is likely) is junior to $104 million of other debt tranches. Contrary to Teri’s statement, Starwood is unlikely to have any “rights Staqrwood owns on what is essentially the first mortgage” for a variety of reasons embedded in a super complex document known as a Pooling and Servicing Agreement.

    — the holders of the more senior instruments, the bondholders which hold the securitized “A note” (not Credit Suisse, which is long gone from this deal), and the “B1 Note”, “B2 Note” and “B3 Note” may well hold out for full repayment rendering Teri’s statement that Starwood will be able to “settle the mortgage for a fraction of the outstanding debt” highly dubious.

    — Ms. Buhl’s reiteration of the old canard that Antares had a “5 billion real estate fund” is ridiculous. Antares and its principals were very facile and skilled syndicators who capitalized their numerous bubble era deals one-by-one, and they had virtually no discretionary capital with which to overpay for properties. Toward the end of their run Antares and Goldman Sachs created a $100 million fund (which is why GS is the de facto underwatere owner of 100 West Putnam), but the rest of the billions of dollars (tongue in cheek on this writer’s part as the word “billion” was more in Antares’ vocabulary and fortunately doesn’t reflect the mere hundreds of millions of dollars of losses that Lehman Brothers, Lubert Adler, Goldman Sachs and a variety of high net worth syndicated equity providers have incurred in capitalizing the Greenwich condo conversions (Lehman), the South End of Stamford (Lubert Adler), the absurd spec houses (HNW syndicates) and scattered other adventures.

    I agree with this blog’s general view that Teri Buhl is a savvy reporter who is better served writing for a national publication and not a failing local paper, but she’d be well served being even more skeptical than she is. Good luck Teri, and continue your own provocative commentary Chris.

  8. John in Greenwich

    Unless you have proof that Starwood bought the B4 note (you can say you’ve seen the sale docs or will go on the record with you name that you know this) I believe Buhl’s report is accurate- I heard they bought the mezz debt and every CRE broker in Greenwich knows it. Wasn’t it Wilsher (something) who sold it to them.
    But I do agree Goldman is also in a good postion to take over the building when Joe defaults on the loan- if that happens then they will just sell it to someone like Starwood.