Worldwide Plaza Goes Back on the Block

NEW YORK CITY-A previously announced deal to sell Worldwide Plaza to an investment group led by RCG Longview and George Comfort & Sons, has collapsed, with Deutsche Bank reportedly setting July 15 as the deadline for new bids. The bank took back the 47-story office tower at 825 Eighth Ave. and six other assets from Macklowe Properties last year after the developer defaulted on $5.8 billion in debt.

According to the Wall Street Journal, Deutsche Bank’s management was uncomfortable with the selling price, reportedly in the mid-$300s per square foot. Citing unnamed sources, Bloomberg News reports that the bank will change the terms of the transaction with the new buyer, continuing to finance the sale but no longer retaining an equity stake in the 1.6-million-square-foot property at West 49th Street and Eighth Avenue. Calls by GlobeSt.com to Deutsche Bank were not returned by deadline.