New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Office  | 

Amazon Paying $1B-Plus for Former Lord & Taylor Building

Amazon will acquire the former Lord & Taylor flagship building in Midtown for $1.15 billion in cash, the New York Post reported. The 660,000-square-foot landmark property at 424 Fifth Ave. will serve as Amazon’s New York headquarters.

A consortium led by WeWork paid $850 million for 424 Fifth in late 2017. The plan then was to move WeWork’s headquarters to 424 Fifth, and the coworking giant began extensive renovations. Those plans were derailed by WeWork’s unsuccessful attempt to go public.

The Post reported that the lion’s share of the deal consists of Amazon paying off $750 million in construction loans taken out for renovating the space. The remainder consists of more than $350 million in equity for the building’s current owners.

WeWork has waived any economic interest in the building in exchange for getting out of its lease, and co-founder Adam Neumann won’t make any money on the deal.

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny


Inside The Story

Read more at NY PostConnect With WeWork

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Step 1: Select Education
  • ◦Sale/Acquisition