NEW YORK CITY-Many people think that 375 Pearl Street, a former New York Telephone switching station, is the ugliest building in the town. The 32-story tower, built in the 1970s, is situated north of the Brooklyn Bridge.
The building was purchased by Taconic Investment Partners in 2006 for $172 million. The firm planned to transform the building into a new office building. Since things did not go well, the company has put the property on the market for $125 million. For the full story, go to New York Observer.
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