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Forbes Headquarters May Sell For Less Than Half Its '07 Price

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Good news: as the Forbes family tries to stave off the slow death of print publishing, they may have found a buyer for the company's 60 Fifth Avenue headquarters. Bad news: the rumored deal, around $55 million, is less than half of what the property almost sold for two years ago. (Good news: we can now anoint Forbes HQ with PriceChopper Hall of Fame status.) In 2007, Spanish real estate company Renta walked away from an agreement to buy the building for $120 million, which at the time was a discount from the $140 million listing price. The current potential deal works out to about $380 per square foot, but the possible buyer is apparently also offering to flip his contract for an additional $2 million. Too bad the Forbes wine collection has already been auctioned -- that could be a contract-keeping incentive.
· Forbes may unload HQ for $55M [NYP]
· 60 Fifth Avenue coverage [Curbed]