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Article: 1585 sale signals 'confidence.' (office building at 1585 Broadway, New York, New York)
- Article from:
- Real Estate Weekly
- Article date:
- August 18, 1993
- Author:
CopyrightCOPYRIGHT 1993 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The sealed bid auction purchase of 1585 Broadway last week for $176 million by Morgan Stanley came as the city's real estate market seems to be finding firmer ground in the quick-sand.
The sale, to be closed Sept. 30, marks a high point in a decade that has seen one property after the other returned to Lenders. Coincidentally, the city had valued the building at $176 million for real estate tax purposes.
The former Solomon Equities building has been in the hands of an eight-bank consortium, led by the Bank of Montreal, Toronto Dominion and Swiss Bank, since a bankruptcy in December, 1991, and Hines Interests Limited Partnership has been acting as adviser ...