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Old Posted Mar 14, 2017, 1:54 PM
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Quote:
Originally Posted by hunser View Post
$4 billion? Trophy asset? Bring it on!

Yeah, we never quite got a look at the "reconfiguration" that was planned. But for the amounts of money involved, I definitely think this would be more than simply converting the upper floors to residential.


https://therealdeal.com/2017/03/13/a...ower-at-2-85b/

Quote:
.....The Chinese insurer is also seeking a $4 billion construction loan to turn the building’s top floors into luxury condominiums, according to Bloomberg. That loan, if received, would be the largest-ever construction loan for a single property in New York.

Documents sent out to prospective investors claim the finished building will be worth $7.2 billion, according to Bloomberg. It’s not clear how Kushner Companies arrived at that figure – the GM Building, long considered the most valuable office tower in the U.S., is valued at just $3.4 billion.
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