Many expect the GM Building to sell for at least $3 billion (The Times referenced $3.5 billion this morning). If it does go for $3.5 billion, that will mean it will have sold for over $1,900 a foot–and that would mean it will set a new price-per-foot record for American office buildings. That distinction currently belongs to 450 Park Avenue, which traded last year for just under $1,600 a foot.
Ironically enough, 450 Park stands next to a development site owned by Harry Macklowe, the GM Building’s embattled owner. He was apparently a bidder for 450 Park but balked at paying that much per-foot for a building. Now, one has to assume that Mr. Macklowe fervently hopes others don’t feel the same way.