Can 388 Greenwich Get $1.82 B.?

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?

Stay tuned.

Can 388 Greenwich Get $1.82 B.?