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When a Billion Dollars Feels Like a Throwback

Who cares about a Midtown office tower with a bunch of lawyers in it? Yes, while it's true that commercial real estate is usually boring enough to put a Shvo to sleep, the Observer's John Koblin gets us interested by focusing on the case of 1177 Sixth Avenue (right, via PropShark), 47 stories of granite across the street from Rockefeller Center. You see, there hasn't been a billion-dollar sale in the city for four long months (the horror!), and 1177 Sixth is the first major test of the office market since the credit scare. Worries aside, Midtown commercial rents are still crazy enough to drive a corporate behemoth like AOL to Astor Place, and all signs point to this building surpassing the $1,000/sqft mark and topping a billion dollars. If it does, the happiest people in the world might be the folks at the Paramount Group, who bought the building five years ago for just $409 million. Do you know how much Midtown street meat you can buy with that much extra scratch?
· 1177 Sixth: Return of the $1 B. Sale [NYO]