Wednesday, April 4, 2007

NYO: The 10 Most Expensive New York Office Assets

The New York Observer has an incredibly insightful article on the current New York office market, focusing on the 10 most valuable office properties in Manhattan. The ranking is based on a number of conversations they had with local moguls, such as Joe Moinian, Douglas Durst and Larry Silverstein, to well-known brokers like Scott Latham. An excellent read throughout.

Their rankings:

1. The GM Building

2. 200 Park (The MetLife Building)

3. Rockefeller Center

4. 9 West 27th Street

5. 245 Park Avenue

6. 277 Park Avenue

7. Seven World Trade Center

8. One Bryant Park (Under Construction)

9. Four Times Square (Conde Nast Building)

10. The Seagram Building

The Chrysler Building was notably omitted because the Property is encumbered by a ground lease. But I wish they hadn’t lumped all of Rock Center into one big pile. I would have been much more interested to hear how these players see 1211 Avenue of the Americas, less than a year after it traded. Lumping that incredible building with Time Warner’s former building, for example, doesn’t add much value for the reader.

Also, 666 Fifth Avenue, just acquired for $1.8 billion by a partnership led by Jared Kushner, who owns the New York Observer, was not included.

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