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Report: Blackstone to put NYC office building back on the block


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Report: Blackstone to put NYC office building back on the block

Blackstone Group LP's 5 Bryant Park at 1065 6th Ave. in New York could soon to be up for grabs again after a bid to sell the building failed in 2016, Real Estate Weekly reported, citing Real Estate Alert.

A marketing campaign for the 682,000-square-foot property is set to be launched as early as November and will be headed by HFF and JLL, both of which refrained from commenting on the matter.

Citing Real Estate Alert, the publication said the estimated selling price of the 34-story office building could be roughly $700 million.

Blackstone's previous attempt to dispose of the property fell through after occupancy dropped below 80% from around 90% in July 2016, the report added.

However, the publication noted that occupancy is back in the mid-90% range after digital marketing company Moveable Ink signed a 10-year lease for 55,000 square feet and Premier Home Health Care Services leased 34,000 square feet until 2023.