Posted May 8, 2025, 4:34 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,622
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https://commercialobserver.com/2025/05/590-madison-installment-sale/
Installment Sale on the Table for $1.1B 590 Madison Avenue Deal
BY ANDREW COEN
MAY 8, 2025
Quote:
The much-anticipated purchase of 590 Madison Avenue — touted as the biggest office sale since 2022 — could be structured as an installment sale, sources familiar with the process told Commercial Observer.
At least one bidder is requesting that the seller, State Teachers Retirement System of Ohio (STRS Ohio), structures its $1.1 billion asking price for the 41-story office tower as a deferred payment sale in which the buyer could pay in installments to meet the heavy $1 billion-plus price tag, sources said.
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Quote:
Bids for the 1 million-square-foot office building were due May 2, with one source indicating it was a two-horse race between RXR and Tishman Speyer. Another source, however, told CO that more than two bidders remain in play.
Blackstone was considered the betting favorite last week to purchase the Midtown office asset against bidders SL Green Realty, Tishman Speyer, RXR and RFR, The Real Deal previously reported.
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