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$1.75B Office Building Buy Sets World Record

New York
$1.75B Office Building Buy Sets World Record

General Growth Properties and developer Jeff Sutton have bought Manhattan's Crown Building at 730 Fifth Avenue for $1.75B, setting a world record for price paid per square foot: $4,490. The 400K SF tower at 57th Street and 5th Avenue in Midtown includes 35K SF of retail space currently taken by Bank of America, Piaget, Bulgari and Mikimoto. The Winter and Spitzer (of Eliot Spitzer renown) families were the sellers, and bought the Art Deco trophy building (from Ferdinand Marcos) for a mere $93.6M in 1991, when it was half empty, the New York Post reported.

GGP and Sutton, one of NYC's biggest retail owners, scooped up the property just days after it hit the market.