market research

June 2010

June 2010 » Market Analysis » NYC Buildings For Sale

June 2010 New York Buildings For Sale

NYC Buildings For Sale

Fifth Avenue's Takashimaya building, which hit the market last month, is drawing a slew of high-profile bidders, and several have already been selected to submit second-round offers. Vornado Realty Trust and an unidentified luxury retailer are among those preparing their second bids for the 693 Fifth Avenue spot.

SL Green Realty is selling its 45 percent stake in the 51-story McGraw-Hill building for more than $500 million in an effort to raise cash for recent and future acquisitions. The city's largest landlord prefers a controlling stake in its properties which is why it wanted to sell the 1221 Sixth Avenue tower near Rockefeller Center. The buyer, Toronto's Canada Pension Plan Investment Board, paid $576 million for the share, including $500 million in cash.
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