NEW YORK CITY-After seeking to acquire 575 Lexington Avenue, negotiations between buyer Rockrose Development Corp. and current owner Silverstein Properties and the California State Teachers’ Retirement System have fallen through after the companies could not agree on a price, Crain’s reported.
Earlier in the year, Rockrose agreed to pay approximately $370 million for the 35-story, 700,000-square-foot office tower in Midtown Manhattan, which is located between East 51st and East 52nd Streets. In a statement to Crain’s, chairman and CEO of Rockrose Henry Elghanayan confirmed that “negotiations have ended due to differences in price,” though acknowledging he “would buy the property at the right price.”
To read the full story, see Crain’s here.
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