The Real Deal New York

Forbes HQ reportedly may sell for just $55M

December 02, 2009 10:05AM

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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