Huge Midtown office building sells at auction for a 97% discount after receiving just 1 bid
Monster NJ dad shockingly claims he did not hurt son, 6, as he's sentenced to 25 years for role in treadmill deathIn a sign of the times, an almost 1-million-square-foot Midtown office building has sold for a bonkers discount.
Even remote work-weary developers and sales brokers well aware how badly working from home has impacted buildings’ values say that such a discount is unheard of — and couldn’t think of a similar one in recent memory. Following failed attempts to offload the classic 1963-built behemoth — which, since COVID, has received a visible facelift in an apparent nod to lure in tenants — the structure’s owner, UBS, put it up for auction on a two-day real estate auction website called Ten-X.
Once the home to such companies as jewelry retailer Zales, the New York Telephone Company and Sports Illustrated, the 23-story goliath today sits 65% vacant, despite a pretty prime location across Sixth Avenue from Radio City. As well, the bad light from its mid-block address, relatively low ceilings and haphazardly located tenants make it a particularly bad contender for residential conversion.
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