150M might look cheap, but does it need to be torn down? State of the building makes a huge difference. Especially in a shithole like NYC where everything costs at least 3x as much as anywhere else.
It's a very old building. Getting tenants is going to be difficult when they expect top of the line cutting edge tech capabilities. There may be structural issues we're unaware of, asbestos,lead paint... The building is iconic, but the price of a building is only the start of ownership costs.
[–] dontforgetaboutevil 0 points 1 point 1 point (+1|-0) ago
Who the fuck are you that 150 million is chump change?
[–] anzel2002 [S] 0 points 2 points 2 points (+2|-0) ago
Not me, but there are millions of millionaires and thousands of billionaires that 150 million is chump change to
[–] srgmpdns 0 points 2 points 2 points (+2|-0) ago
It is. A four-building complex in SF, the Embarcadero center, sold for 1,220 million... twenty years ago.
150 million makes me think there must be something seriously wrong with the building, the land alone is worth at least that much.