GlobeSt.com has also received confirmation that two otherMidtown towers, including Park Avenue Tower and 850 Third Ave., arechanging hands. Although oil-rich sovereign-wealth funds arebecoming a major player in New York City's real estate market duepartly to an exchange rate that is in their favor, domestic playershave not left the game.
[IMGCAP(2)]An unidentified source confirms to GlobeSt.com thatSan Francisco-based Shorenstein Properties has purchased twoMacklowe Properties assets, including the 610,000-sf Park AvenueTower at 65 E. 55th St. and the 562,567-sf 850 Third Ave., for justshy of $1 billion. The source says that Shorenstein paid $930million for a 93.5% interest in the partnership that controls bothbuildings.
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