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Article: Ronson contracts on 383 Madison Avenue. (HRO International chairman, Howard P. Ronson purchases commercial building in New York, New York)
- Article from:
- Real Estate Weekly
- Article date:
- March 2, 1994
- Author:
CopyrightCOPYRIGHT 1994 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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After weeks of rumors, Howard P. Ronson, chairman of HRO International, confirmed he has contracted to buy 383 Madison. Sources say the price is under $100 a square foot for the 502,404 square-foot building that is basically obsolete.
The city puts its fair market value at about $38 million, but that is considered high by real estate experts when all the company is buying is the land and will have to pay to remove the current bricks and mortar. HRH intends to build an as of right project of about 650,000 square feet.
At one point, First Boston Corp., which has since foreclosed on development partner G. Ware Travelstead. had plans to erect a 1.4 million ...