But don't rule out the power of the tenancy, and according to this morning's Washington Square News, the feisty tenants association is in the running with a $4.5-billion bid for the massive, 110-building property. "The group's offer is in competition with an unspecified number of bids from private developers ranging from $4 billion to more than $5 billion," the paper reported.
The complex is situated on the East Side of Manhattan and runs from the East River to First Avenue and 14 to 23rd streets. The total area covered by the complex is more than 80 acres and contains more than 11,200 rental units.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
