Daily News from New York, New York • 1313

tow C05Af nT-! DOW JONES 8,790.60 IHE TICKER i pXij i II 1 NASDAQ 3.24 2,009.36 Random House eyes Ross site for new HQ ST 1 as. 1MI I ooks like mega-developer Stephen Ross may be the ultimate winner from the last-minute collapse of Random House's plans to build a new headquarters in Times Square. Random House's parent, German media giant Bertelsmann, has reached out to Ross about building Random House an office tower on the prime development site Ross owns on Broadway at 55th real estate sources said. Bertelsmann has to move quickly, though, because Ross who won the hotly contested battle for the New York Coliseum site earlier this year has been LOCATION LOCATION LOCATION GARTH DRABINSKY in center of accounting fraud probe. ounties grab Livent documents By PHYLLIS FURMAN Lr moving forward with plans to develop a hotel, condominium and retail complex at the site.

"We're doing demolition now," Ross said yesterday. But he didn't rule out a last minute change of plans. "If an offer were attractive enough, I'd look at it," he said. STEPHEN ROSS Daily News Business Writer The Royal Canadian Mounted Police raided the Toronto of-, fices of bankrupt theater company Livent yesterday, seizing documents as part of an investigation of alleged accounting fraud. The dramatic raid in which Stocks recover late on impeachment delay Stocks cut their losses at the end of trading yesterday as reports that Congress will delay the impeachment vote eased some of Wall Street's anxieties over the removal of President Clinton.

The Dow Jones industrial average ended down 32.70 points at 8,790.60 after bouncing back from a loss of more than 80 points. The Nasdaq composite index was off 3.24 points at 2,009.36. Oil-related stocks rose as crude oil prices spiked up 83 cents a barrel on the New York Mercantile Exchange. Oil driller Schlumberger was up 2 1316 to $46.68. Among oil giants, Exxon rose 1 916 to $75.56 and Mobil gained 316 to $89.62.

Break in the case Federal Court Judge Thomas Pen-field Jackson, presiding over the Microsoft anti-trust trial, said yesterday that America Online's proposed acquisition of Netscape Communications may have an "immediate effect" on the case. Jackson said he was reluctant to reopen the trial's evidence-gathering phase but suggested as an alternative Microsoft be given a look at any documents gathered by the government in reviewing the merger. Money matters CNBC temporarily benched prominent money manager James Cramer as a guest on its morning show "Squawk Box" after online broadcasting developer Wave-Phore and some viewers complained about remarks Cramer made about the company two weeks ago. Cramer who said on the show that a recent rise in Wave-Phore's stock was based on speculation and might not last also said that he had asked a trading firm whether he could short-sell Wa-vePhore, a legal investment that would pay off if the stock drops. George Jamison, a spokesman for CNBC, said the network was simply looking into the complaints.

Cramer "is not under suspicion for doing anything wrong. We expect him to be back," Jamison said. Aside from running a $300 investment fund, Cramer writes a column for the Web-based news organization he helped create, and for several magazines. Justice served partner in several real estate deals. TRUMP FOR SALE Donald Trump hasn't even broken ground on his 90-story building across the street from the United Nations, but he's already pulled out the stops on his marketing efforts.

Trump has thrown a big bash for brokers and opened a sales office complete with a video, produced by music video hotshot Bob Giraldi, who also has worked for Michael Jackson. It features Trump getting out of limos and flying around New York in a helicopter. So far the effort seems to be working. His SHOW up to 50 officers carted off years worth of financial records comes on the eve of tonight's opening of the Livent show staff says he has sold A Bertelsmann spokeswoman said the company is "looking at lots of other properties." LAUGHING ALL THE WAY TO THE BANK Russian immigrant Tamir Sapir was a laughingstock when he bought the mostly empty tower at 2 Broadway in 1995 for $20.5 million. No one thought he had a prayer of leasing the property even after he sank about $90 million into improving it But they were wrong.

First Sapir leased the building to the Metropolitan Transportation Authority. Now he's taken out a $150 million mortgage, meaning Sapir gets to pocket a $40 million profit The deal also is good news for the real estate industry because of who's doing the lending: Credit Suisse First Boston. That firm had been one of the city's most active real estate lenders, but pulled back sharply in 50 units already at prices starting at $475,000 for a one-bedroom apartment and $7 million for a 4-bedroom penthouse. September when the world financial markets went haywire. The 2 Broadway loan is a sign that First Boston is getting more aggressive again.

"We are starting to look at and review more and more deals," said William Adamski, a First Boston investment banker. A DEVELOPER'S WOES Developer and Apple Bank chief Stanley Stahl the target of an alleged murder-for-hire scheme that parking lot tycoon Abe Hirschfeld has been charged with has been having a tough year. An appeals court just shot down most of his arguments in the $200 million lawsuit he filed against Chemical Bank in 1994. Stahl claimed that once Chemical (since purchased by Chase Manhattan Bank) vacated 277 Park it owed him for a laundry list of renovations. "Parade" at Lincoln Center.

Livent also is the producer of such Broadway hits as "Ragtime" and "Show Boat" Jim Badenhausen, a spokesman for Livent confirmed the raid took place. He said it was expected in light of the Canadian authorities' inquiry. "We continue to cooperate fully with the ongoing investigation," Badenhausen said. The review of Livent's books centers on an accounting fraud allegedly committed by Livent founder Garth Drabinsky and his long-time partner, Myron Gottlieb. Livent's current managers, former investment banker Roy Furman and Hollywood power-broker Michael Ovitz, claim Drabinsky and Gottlieb manipulated the company's books, leading to its bankruptcy filing a month ago.

They fired Drabinsky in November and filed suit seeking $225 million in damages. Drabinsky and Gottlieb deny any wrongdoing and have counter-sued seeking $200 million. Meantime, Livent's new management team is trying to keep the company alive and find a buyer for its assets, which include 42nd Street's Ford Center for Performing Arts. Yesterday, Livent got court approval to hire investment firm S.G. Cowen as a financial adviser, as well as law firms Skadden Arps Slate Meagher and Flom and Wilkie Farr Gallagher.

The company recently received $25 million in new loans to help meet expenses. 5 UJ Texaco, which paid a record $176.1 million to settle a racial bias suit filed by black employees, said Deval Patrick who ran the Justice Department's civil rights division from 1994 to 1997 has been named general counsel of the White Plains-based oil company. Patrick, 42, will become Texaco's highest-ranking black official. Even more discouraging, Stahl just had to give up control of the tower at 1 Park between 32nd and 33rd streets. Like numerous other properties, the building had too much debt from the boom period of the 1980s and failed to generate steady profits.

DaiIchi Kangyo Bank of Japan, the building's mortgage holder, recently sold it at a steep discount to Andrew Penson's Argent Ventures. Penson, in turn, cut a deal with Stahl that gives Penson control and 1 Housing slips Construction of new housing (3j units hit a seasonally adjusted arv nual rate of 1.65 million last -g month, down 2.7 from the previ- 5 ous October. Northeast starts fell jE 5.6 to an annual rate of 152,000. majority ownership ot the property in exchange for restructuring the mortgage. Hirschfeld has denied charges that he hired a hit man to kill Stahl, who was his.