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$381.50 Per Square Foot, Midtown Fifth Avenue

Started by Topper
over 16 years ago
Posts: 1335
Member since: May 2008
Discussion about
HSBC has sold its 452 Fifth Avenue tower for $330 million which has 865,000 square feet. Seems like a pretty amazingly low price. But a sign of the new times. What next for New York residential properties?
Response by buster2056
over 16 years ago
Posts: 866
Member since: Sep 2007

what's the monthly maintenance?

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Response by alanhart
over 16 years ago
Posts: 12397
Member since: Feb 2007

It probably doesn't have granite counters and a really high-end European refrigerator.

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Response by Topper
over 16 years ago
Posts: 1335
Member since: May 2008

Institutions have been quick to adjust to what a west coast investment group refers to as the New Normal.

Retail residential sellers, by contrast, still have their head in the sand. Not particularly unusual by historic standards. Accordingly, likely to be a long drawn out bear market in residential prices. Not all that dissimilar to the early nineties.

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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9885
Member since: Mar 2009

With net commercial rents down 45%.......

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