As GlobeSt.com previously reported, the 767 Fifth Ave. property was expected to fetch between $3.3 and $3.8 billion. A locally based real estate investment banker told GlobeSt.com at the time that the GM building is a unique asset that will trigger huge demand from a host of domestic and global investors. The source predicted that a team of investors might be better suited to buy the property given the potential sale price. The source explained that the debt markets have radically changed since Macklowe bought the property. Macklowe Properties purchased the building for a record-breaking $1.4 billion from Conseco Inc. in 2003, as GlobeSt.com reported.
It is no surprise that bids for the property reportedly have reached this $3-billion amount. Deborah Jackson, executive managing director of Weiser Realty Advisors LLC, told GlobeSt.com at the time the property was put on the market that it could fetch around $2.9 billion. She further noted that "a range of $3 billion to $3.5 billion would not be unreasonable."
The commercial skyscraper is located between 58th and 59th streets and rests atop an entire city block directly across the street from the Plaza Hotel. Tenants include General Motors Corp., Weil, Gotshal & Manges; Bank of America; Baron Capital; Forstmann Little & Co.; Belfer Management Inc.; Estee Lauder Cos.; Icahn Associates Corp.; K. Hovanian Cos.; and MCL Corp. among others.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
