666 Fifth Avenue Sold!
A read through this NYT article evokes The Onion's taste for dry wit within today's news. But this, 666 Fifth Avenue (a symbol of corporate power where a cigar bar called the HAVANA ROOM for the elite has the building's top floor?!? jesus!), is for real!
Manhattan Skyscraper to Be Sold for $1.8 Billion
By CHARLES V. BAGLI
Records are still being broken as fast as they can be set in New York real estate.
Tishman Speyer Properties, the company that bought Stuyvesant Town and Peter Cooper Village for $5.4 billion in the biggest real estate deal in the country, has agreed to sell the 41-story skyscraper at 666 Fifth Avenue and 53rd Street for $1.8 billion to a New Jersey real estate family, the Kushners.
The price is more than three times what a group led by Tishman Speyer paid for it only six years ago and the highest price ever paid for a single office building in the United States.
The Kushners, who owns 22,000 apartments and more than 5 million square feet of office and industrial buildings in New Jersey, Pennsylvania and Maryland, are relatively unknown in Manhattan. But they are making a head-turning splash buying a tower that has served as a symbol of corporate power and elegance since it opened in 1957.
Brooks Brothers has a store on the ground floor. Tenants include high-powered law firms and bankers. At the top of the building is the Grand Havana Room, an exclusive cigar bar that offers stunning views to the politically connected and the fabulously wealthy who are its members.
"This is a great acquisition for our company," said Jared Kushner, a 25-year-old principal at Kushner Companies, who signed the contract to buy the building on Monday night. "We are upping our presence in Manhattan. It's a logical expansion for us." [read the full article]
Manhattan Skyscraper to Be Sold for $1.8 Billion
By CHARLES V. BAGLI
Records are still being broken as fast as they can be set in New York real estate.
Tishman Speyer Properties, the company that bought Stuyvesant Town and Peter Cooper Village for $5.4 billion in the biggest real estate deal in the country, has agreed to sell the 41-story skyscraper at 666 Fifth Avenue and 53rd Street for $1.8 billion to a New Jersey real estate family, the Kushners.
The price is more than three times what a group led by Tishman Speyer paid for it only six years ago and the highest price ever paid for a single office building in the United States.
The Kushners, who owns 22,000 apartments and more than 5 million square feet of office and industrial buildings in New Jersey, Pennsylvania and Maryland, are relatively unknown in Manhattan. But they are making a head-turning splash buying a tower that has served as a symbol of corporate power and elegance since it opened in 1957.
Brooks Brothers has a store on the ground floor. Tenants include high-powered law firms and bankers. At the top of the building is the Grand Havana Room, an exclusive cigar bar that offers stunning views to the politically connected and the fabulously wealthy who are its members.
"This is a great acquisition for our company," said Jared Kushner, a 25-year-old principal at Kushner Companies, who signed the contract to buy the building on Monday night. "We are upping our presence in Manhattan. It's a logical expansion for us." [read the full article]
posted by Andre Lancaster at
5:16 PM
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