Wednesday, December 13, 2006

A Tower Goes for $1.8 Billion - New York Times

A Big Deal, Even in Manhattan: A Tower Goes for $1.8 Billion - New York Times

Records are still being broken as fast as they can be set in New York real estate. Skip to next paragraph Enlarge This Image Nicole Bengiveno/The New York Times The building at 666 Fifth Avenue, shown in 2004, opened in 1957. Tishman Speyer Properties, the company that bought Stuyvesant Town and Peter Cooper Village for $5.4 billion last month 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 the building six years ago and the highest price ever paid for a single office building in the United States. The Kushners, who own 22,000 apartments and more than five million square feet of office and industrial space in New Jersey, Pennsylvania and Maryland, are relatively unknown as real-estate players 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.