No one transaction can fully capture a market’s dominant trends. But even one transaction, however idiosyncratic, can serve as a cautionary note when the market’s investment and lending trends calls for temperance. Last week’s widely reported announcement of the sale of the North Building—or Clock Tower—at 5 Madison is a case in point. In mid-2007, SL Green, RFR Holdings and Ian Schrager sold the landmark structure to Africa Israel USA for the hefty sum of $200 million. Earlier that same year, Mr. Schrager indicated that he might forgo a planned hotel redevelopment given the unsolicited bids that had recently arrived for the property. Read More
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