The Real Deal New York

Forbes HQ reportedly may sell for just $55M

December 02, 2009 10:05AM

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The Forbes headquarters at 60 Fifth Avenue is rumored to be close to contract for roughly 60 percent off the original asking price, in what would be the latest in a string of sales the publishing moguls have made amid sliding advertising revenues industry-wide. Forbes Media originally listed the 144,000-square-foot building for $140 million in 2007 with Cushman & Wakefield. After a potential buyer walked away from a deposit on a $120 million deal, the company was asking $80 million for the property, with a three-year lease back agreement for $3 million each year. Now, sources told the Post that Forbes may sell for $55 million, or just $380 per square foot, to an unidentified buyer. A Forbes spokesperson said no contract has been signed, and flatly denied that the $55 million price tag was a possibility. [Post]

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