HSBC Holdings Plc, Europe’s largest bank, agreed to sell its New York City headquarters for $330 million in cash to a company controlled by Israeli businessman Nochi Dankner.
The London-based lender will lease back the tower at 452 Fifth Ave., according to company filings. The price comes to about $381 a square foot.
“The fact that an investor is willing to pay all cash for a several hundred million-dollar asset is a very bullish sign for the Midtown office market,” said Dan Fasulo, managing director of New York-based Real Capital Analytics Inc., which tracks commercial property sales worldwide. “At some point these cash deals are going to add up and give investors the confidence to return en masse.”
Read Calev Ben-David and David M. Levitt’s full article “HSBC to Sell New York Building for $330 Million” in Bloomberg (October 5, 2009).