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Report: General Growth JV finds new buyer for office component of NYC asset

and Thor Equities are under offer to offload the non-retail component of their685 Fifth Ave. office and retail building in Midtown Manhattan, N.Y., toTurkish jewelry firm Gulaylar Group, TheReal Deal reported, citing sources familiar with the matter.

Gulaylar'sNew York property development unit has agreed to buy the 90,000-square-footoffice component of the 20-story asset after the CEO of luxury developer SHVO,Michael Shvo, reportedly abandoned his plansto acquire the non-retail space in a deal valued at more than $110 million, or1,225 per square foot, the news outlet noted, citing sources.

Underthe deal, Gulaylar is expected to develop an additional five extra floors ofoffice space planned for the 115,000-square-foot asset, which will increase theproperty's height to 292 feet from 227 feet.

Shvomay still be considered for the deal if Gulaylar does not close the transaction,according to sources.