If the goal of real estate investors is to buy low and sell high, then, according to the Wall Street Journal, Africa Israel’s U.S. investments have failed miserably. Like Japanese real estate investors that lost big on late 1980s purchases of the Pebble Beach golf resort and Rockefeller Center when a recession hit a few years later, Africa Israel’s purchases of the Clocktower Office Building near Madison Square Park, the former New York Times headquarters on West 43rd Street, the Apthorp on the Upper West Side and the Marquis Miami Condo-Hotel will likely result in big losses. For example, the company is in contract to sell the Clocktower building to Tommy Hilfiger for $170 million, despite paying $200 million for the building and spending millions more to convert it to condominiums. Worse, the company is selling 11 of the 16 floors of the Times headquarters to Blackstone Group for $160 million, despite paying $525 million for the entire building in 2007. [more]
Posts Tagged ‘new york times headquarters’
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From the June issue: With the newspaper business on the ropes,
real estate pros are wondering, could more printing plants and
newspaper offices be converted once the market eventually picks up?
Past well-known examples are the conversion of the old New York Times
headquarters and the old New York Post building. Now a new condo
marketing campaign is displaying nostalgia for the days of typewriters
and copy boys. At the former Ridgewood Times newspaper building at 852
Cypress Avenue in Queens, the presses stopped long ago, though the
paper still publishes under a different name at another location.
(Thanks to desktop publishing programs and the Internet, these days
many publications are sent to be printed off-site.) [more]
