Clear Channel NY HQ For Sale?
June 7, 2007 at 5:47 AM (PT)
CLEAR CHANNEL's NEW YORK home may be up for sale, reports THE NEW YORK POST. Real estate developer PARAMOUNT GROUP has put up for sale two buildings that were handed back to their lenders in the early 1990s, and they could soon sell for more than $1 billion.
One is CLEAR CHANNEL's TIMES SQUARE headquarters at 220 W. 42nd St. The 227,000-square-foot building, known as THE CANDLER BUILDING, is leased through 2020.
After a default in 1989, lender MASS MUTUAL LIFE took possession of the building in 1993, renovating it in 1998. In today's market with cheap global money fueling prices, the building could garner $275 million, or $1,200 per foot.