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

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)

California teachers get in on Coney Island’s redevelopment

JLL CEO Christian Ulbrich and 330 Madison Avenue (Credit: JLL and Steel Institute of New York)

JLL doubles office footprint at 330 Madison Avenue

Time Out Market at 916 West Fulton Market and Revival Food Hall at 125 S. Clark Street 

Does Chicago still have an appetite for food halls?

Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

Brookfield's Rick Clark and RFR Realty's Aby Rosen with the Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen makes it two Lever House lawsuits in two weeks

Aby Rosen and Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen says Tod Waterman stabbed him in back on Lever House deal

(Illustration by Oivind Hovland)

Why HFF has been muscling out some of JLL’s top producers