90 Fifth Ave could trade for $100M, go residential

TRD New York /
Mar.March 08, 2013 02:30 PM

The publisher Forbes’ departure from its office space at 90 Fifth Avenue could yield an auction sale of the property for over $100 million, Crain’s reported. A Richard Baxter-led Jones Lang LaSalle team is in charge of marketing the 11-story, 140,000-square-foot building, and sources told Crain’s that the building could go residential or be maintained for commercial use.

RFR Realty owns the building, located between 14th and 15th streets. As The Real Deal reported this morning, it is one of Manhattan’s 10 most distressed properties.

RFR reportedly had arranged to sell the building to Jamestown Properties for $115 million last year, but the transaction fell through when Forbes defaulted on its rent. Forbes leases 110,000 square feet inside the building.

A spokesperson confirmed to Crain’s that Forbes will be leaving the building and moving to 60 Fifth Avenue nearby.

“What I can tell you is the matter has been amicably resolved to the satisfaction of both parties,” the Forbes spokesperson told Crain’s.

The New School occupies the only other office floor in the building. They will leave next year, effectively leaving the building vacant. [Crain’s]Zachary Kussin


Related Articles

arrow_forward_ios

WeWork is investing again with fundraise for proptech

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Avery Hall Investments buys Gowanus development site for $44M

70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan

Jonathan Schwartz and Aaron Appel

Aaron Appel leaves JLL to launch own firm

Tom Brady, Gisele home shop in suburbs, North Jersey industrial site sells for $66M & more Tri-State real estate news

HFF brokers hit the ground running at JLL in New Jersey, SALT cap hurts Lower Hudson Valley housing market & more Tri-State real estate news

Somerville moves forward with 31-acre transit village, Woodcliff Lake office property sold for $36M & more North Jersey real estate news

arrow_forward_ios