Chase Manhattan Corp. has confirmed that it has agreed to sell a portfolio of real estate assets.
The face value of those assets is higher than reported in an article attributed to market sources.
Those assets have a face value of $725 million.
Chase earlier this year set aside $2 billion in loans for accelerated disposition.
The bank took a special $884 million reserve at the time.
Chase will have about $1 billion of additional real estate assets to sell after the bulk sale is completed.