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Article: Ownership still a real option.(ABKCO Music and Records Inc. acquired commercial space from Cornwall Capital)
- Article from:
- Real Estate Weekly
- Article date:
- August 13, 2008
- Author:
CopyrightCOPYRIGHT 2008 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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ABKCO, a music publisher whose catalog includes the songs of some of rock and roll's most famous acts, has purchased an 8,500 s/f commercial co-op at 85 Fifth Avenue for its offices.
The company acquired the space from the financial firm Cornwall Capital for $6 million, roughly $700 per square foot. Cornwall had purchased the space, the building's entire 11th floor, a little over a year ago, according to CB Richard Ellis broker Matthew Bergey, who arranged that sale along with the just-completed deal with ABKCO.
The credit fears that have gripped the lending markets for the past year have made it harder to finance property acquisitions of all types and ...