5th Avenue HSBC Tower Sells for $855M

Israel’s Property and Building Corp. (PBC), which is 63% owned by Tel Aviv-based Discount Investment Corp., is selling the approximately 865,000-square-foot HSBC Tower to Innovo Property Group. The $855 million price represents a net loss of $45 million after costs, based on the $864 million recorded on PBC’s books as of September 30, 2021. The transaction is expected to close by April 1, 2022, subject to the contract vendee’s “right to advance the date while also receiving options to postpone the completion twice for 30 days each.”

Source:    https://www.reuters.com/markets/europe/israeli-firm-sell-hsbc-tower-new-york-855-million-2021-12-05/