NEW YORK CITY—The Park Avenue Tower at 65 E. 55th St. is undercontract for $750 million, according to the New York Post.Sources familiar with the transaction confirm the Postreport identifying the Blackstone Group as thebuyer.
The hefty price translates to $1,280 per square foot for thebuilding's 585,563 square feet — or $1,210 per square foot onceBlackstone uses the newly re-measured 619,631 feet.
The private equity firm previously owned the Midtown buildingbriefly in 2007 after it took over Equity Office Properties. But itquickly flipped the property and six other Midtown office buildingsfor $7.2 billion to Harry Macklowe, who handed over the keys tolender Deutsche Bank a year later.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
