The Real Deal New York

NYU buys Forbes building

January 07, 2010 05:14PM

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The Forbes building at 60 Fifth Avenue and Michael Alfano, NYU executive vice president

New York University has purchased the Forbes building at 60 Fifth Avenue at the corner of 12th Street, according to a press release from Forbes magazine, the seller. The eight-story, 122,500-square-foot structure was built in 1924 for book publisher MacMillian & Company, owned by the family of the late British PM Harold MacMillian. Forbes magazine moved into the building in 1962. The building was originally listed for sale in 2007 with Cushman & Wakefield. The New York Post reported last month that the publishing company was
close to a deal for $55 million, which a Forbes spokesperson flatly
denied. The terms of today’s deal were not disclosed, but Forbes said no broker was involved in the deal. Forbes will be staying in the building as a tenant under a five-year lease-back agreement. The building will be used for academic purposes, as the school looks to expand its properties through “community-oriented planning principles,” according to a written statement from Michael Alfano, NYU executive vice president. The school has had a long-term expansion plan in the works, with an “emphasis on acquiring existing structures rather than resorting to new construction,” Alfano said. The plan has met with some community opposition, with neighborhood activists claiming that it has outgrown the region and should look beyond Greenwich Village for future expansion. TRD

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