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John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
NEW YORK CITY-While the REIT beefs up its retail stake locally, it sheds two office assets. On the buy side is 609 Fifth, a mixed-use office/retail asset, and 25-27 W. 34th St. and 29 W. 34th St. Meanwhile, 286 and 290 Madison Ave. are shed for $63 million.
NEW YORK CITY-Suitors are lining up for 6 Times Square, GlobeSt.com has learned. A source says the site of the former Knickerbocker Hotel could trade for more than $300 million and be converted back to a hotel.