December 17, 2009
JP Morgan Chase is in contract to sell 4 New York Plaza. The 23-story, 1.1 million square foot building is undoubtedly not the best looking asset, but it is trading at $99/psf. And….JPM is reportedly leasing back 75% of the building for 15-years to boot!
This is an example of where values are if buildings are “allowed” to trade.
The buyers of the 23-story, 1.1 million square foot building are Harbor Group International, a real estate company based in Norfolk, Va., and Josh Zamir’s Capstone Equities…
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