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NEW YORK CITY- Amazon has acquired WeWork's Lord & Taylor building at 424–434 Fifth Avenue between West 38th and 39th Streets in Manhattan for $1.1 billion.
The purchase price of the property is in the form of a $750 million construction loan WeWork borrowed to renovate the property that Amazon will pay down. The remainder of the transaction is approximately $350 million in equity the e-commerce behemoth will pay, according to a New York Post article breaking the news.
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