On the market
June 1, 2011
By: Linden Lim

Rosen wants $2,000 psf for Seagram stake

Aby Rosen's RFR Holding is looking to unload a 49 percent stake in the landmark Seagram Building at more than $2,000 per square foot, which would revalue the property at about $1.8 billion. According to the New York Post, the record price per square foot for an office building was set at $1,585 in 2007 with the sale of 450 Park Avenue, and while prices have rebounded somewhat since the real estate crash, such a price is untested in today's market. "If you want to test the strength of the market, it's certainly the building with which to do it," said Woody Heller, head of the capital transactions group at Studley, which is not involved in the marketing of the building. ...

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