From left: Steven Roth, Stephen Ross, Darcy Stacom, Marc Holliday and Norman Sturner
From the July issue: These days — with credit tight and lawsuits sprouting like weeds — no real estate transaction is simple. Whether it’s a one-bedroom condo or a distressed office building, sales are often slower and more complicated than expected.
That said, some deals have so much “hair” on them that they deserve special recognition. This month, The Real Deal took a behind-the-scenes look at some of the most complicated deals in the last year. These include some of the city’s highest-profile transactions, such as Google’s $1.77 billion purchase of the Chelsea office building at 111 Eighth Avenue. The building’s owners were able to lure the technology behemoth into an all-cash deal, but only after they spent a nerve-racking two weeks — during which the property was not actively marketed — waiting for Google’s top brass to approve the record-setting sale. [more]
