HSBC Building–No, Not That HSBC Building–Sells for $26.3 M.

hsbc HSBC Building  No, Not That HSBC Building  Sells for $26.3 M.A dignified-looking Upper East Side building belonging to HSBC Bank has traded for a solid $26.3 million, according to city records.

The Upper East-Side based Friedland Properties bought the two-story red-brick Madison Avenue building on Oct. 16. A representative of Friedland Properties told The Observer that the building would continue to be a bank.

The property, at 1002 Madison Avenue, between 77th and 78th streets, last traded in 1980, for an unspecified amount of money.

Exciting though this trade may be in what is largely a somnolent real estate market, it’s not the HSBC deal that many in the real estate industry had once hoped for.

This year, HSBC tried to move its American headquarters to a 280,000-square-foot block at Larry Silverstein’s 7 World Trade Center. The move would have given Mr. Silverstein yet another marquee tenant, while allowing the bank to liquidate its building at 452 Fifth Avenue for an anticipated $600 million. Then the economy tanked, HSBC didn’t get the price it wanted on Fifth Avenue, and it tore up its lease at 7 WTC. So it goes.

Article continues below
More from Politics
STAR OF DAVID OR 'PLAIN STAR'?   If you thought "CP Time" was impolitic, on July 2 Donald Trump posted a picture on Twitter of a Star of David on top of a pile of cash next to Hillary Clinton's face. You'd think after the aforementioned crime stats incident (or after engaging a user called "@WhiteGenocideTM," or blasting out a quote from Benito Mussolini, or...) Trump would have learned to wait a full 15 seconds before hitting the "Tweet" button. But not only was the gaffe itself bad, the attempts at damage control made the BP oil spill response look a virtuoso performance.  About two hours after the image went up on Trump's account, somebody took it down and replaced it with a similar picture that swapped the hexagram with a circle (bearing the same legend "Most Corrupt Candidate Ever!"!). Believe it or not, it actually got worse from there. As reports arose that the first image had originated on a white supremacist message board, Trump insisted that the shape was a "sheriff's star," or "plain star," not a Star of David. And he continued to sulk about the coverage online and in public for days afterward, even when the media was clearly ready to move on. This refusal to just let some bad press go would haunt him later on.
Donald Trump More Or Less Says He’ll Keep On Tweeting as President