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HSBC Building at 452 Fifth Ave. Set for New Ownership
Israel’s Property and Building Corp has agreed to sell the HSBC Tower building at 452 Fifth Ave. in Midtown Manhattan for $855 million to Innovo Property Group, recording a net loss of $45 million, Reuters reported. Separately, PBC is selling an Israeli property.
Doron Cohen, chief executive of both Property and Building and majority owner Discount Investment Corp., said management was focusing on income-producing properties in Israel and that the amount it was receiving from both transactions would allow it to advance this policy.
“We are continuing the policy and examining the possibility of realizing additional properties in the United States and in Israel,” Cohen told Reuters, noting the sale of the HSBC building came despite “gloomy” predictions over the U.S. commercial real estate market.
Completion of the sale is expected by April 1, 2022, subject to Innovo’s right to either advance or extend the date.
- ◦Sale/Acquisition
