So many questions in real estate right now: What’s going to happen to Harry Macklowe? Will investment banks bother renting space? Will commissions still be around in December?
In the investment sales world, there is a fixed and careful eye on three building sales that should test this uneasy market: 388 Greenwich Street, 120 Park Avenue and 1177 Avenue of the Americas.
The 388-390 Greenwich Street tower came on the market last week through the Cushman & Wakefield investment sales team of Scott Latham, Richard Baxter, Jon Caplan and Ron Cohen. Citigroup is putting up this 2.6-million-square-foot Tribeca skyscraper for a sale that real estate insiders believe should break the 666 Fifth Avenue record of $1.8 billion. One source said that it should go for $700 per square foot, which would put it at $1.82 billion.
Well, that’s if things stay relatively stable. But to rain on the parade a little bit, another source said the sale is a candidate to be a sale leaseback, which is a less exciting prospect for potential owners.
Another to look at: 1177 Avenue of the Americas. As The Observer reported last week, the 1-million-square-foot tower is on the block through Eastdil Secured. How far over $1 billion can it go? And can 120 Park Avenue, up for sale through Darcy Stacom and Bill Shanahan of CB Richard Ellis, fetch Park Avenue square footage totals?