Posted May 29, 2013, 1:55 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://mobile.bloomberg.com/news/201...4-billion.html
Manhattan Tower Said to Get Bids of Up to $1.4 Billion
By David M. Levitt and Hui-yong Yu
May 28, 2013
Quote:
A midtown Manhattan office tower majority owned by Carlyle Group LP is attracting bids of as much as $1.4 billion in what may be the biggest U.S. real estate deal since 2010, two people familiar with the sale process said. Final offers are due tomorrow for 650 Madison Ave., a 27-story building in the heart of Midtown’s upscale shopping district....
A $1.4 billion deal for the 600,000-square-foot (55,700-square-meter) building would exceed $2,300 a square foot, easily surpassing the record among large office towers of $1,583 a square foot paid for 450 Park Ave. in October 2007.
Some of the bidders are planning to redevelop the tower into residences as prices for luxury condominiums surge, according to one of the people. Much of the building offers Central Park views, Fasulo said.
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