New York office tower sells for record €1.4bn

A Fifth Avenue skyscraper in New York is shredding previous prices for a single office building anywhere in the US.

A New Jersey real-estate family confirmed a deal to buy 666 Fifth Avenue from Tishman Speyer Properties. Published reports said the $1.8bn (€1.4bn) price beats a $1.72bn (€1.3bn) record that Tishman Speyer itself set in buying the MetLife Building elsewhere in Manhattan.

The buyers, Kushner Companies, say the prominent midtown office tower will raise their profile in Manhattan.

The company also owns the Puck Building downtown, but the bulk of its holdings are in New Jersey, Pennsylvania and Maryland.

“This is a great acquisition for our company,” said Jared Kushner, a principal.

Tishman Speyer, whose corporate predecessors built 666 Fifth Avenue in 1957, also applauded the sale.

“We’re thrilled with the outcome and wish the Kushners great success,” said Rob Speyer, a senior managing director.

Occupying a high-profile block between 52nd and 53rd streets, the tower rubs shoulders with such Fifth Avenue landmarks as the Rockefeller Centre and St Patrick’s Cathedral.