Low bids for Pfizer building signal weak market: experts

TRD New York /
Jun.June 28, 2010 11:00 AM

The relatively low bidding offers coming in for the Pfizer building
at 685 Third Avenue reflect the weakness of the market, experts told
Crain’s. More than a dozen firms — which are rumored to include SL
Green Realty, Vornado Realty Trust and George Comfort & Sons — made
offers last week on the 650,000-square-foot property near Grand
Central. Several bids came in at around $150 million, or $230 a
square foot, compared to other recent sales of major office buildings, which have gone
for an average of $635 a square foot. Since the Pfizer property, between 43rd and 44th streets, will be empty, the buyer will need to spend

millions of dollars on marketing, leasing commissions and tenant
improvements according to Crain’s. Although leasing activity began picking up at the end of

2009, it’s still far below the higher levels of 2006 and 2007, and
experts are also still worried about the strength of the economic
recovery. CB Richard Ellis is marketing the property. [Crain’s]

 

Related Articles

arrow_forward_ios
(Getty)

Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fall to nine-year low
MetLife Building and Matt Van Buren, CBRE’s tri-state president (Getty, CBRE)

CBRE closes 2 offices, expands presence at MetLife HQ

CBRE closes 2 offices, expands presence at MetLife HQ
Clockwise:  CBRE's Michael Remer, Richard Hodos and Joel Stephen with the Wizarding World Building at 935 Broadway (Images via CBRE)

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...