J.P. Morgan Chase's
real estate slim-down continues. As the Daily News first reported in
February, the bank is selling 522 Fifth Ave., a 23-story office
building at W. 44th Street. Real estate executives say it has received
several bids, even though it will probably be sold vacant.
Morgan Fleming Asset Management has hundreds of employees there, but is
likely to move them to other midtown locations.
with knowledge of the sale say a second round of bidding among a group
of finalists will begin soon. George Comfort & Sons, an investment
and management company, is said to be among the bidders.
exec Robert Deckey declined to comment, but sources said 522 Fifth
would fit the company's office building portfolio, which includes 200
Madison Ave. and 498 Seventh Ave.
Fitzgerald, the company hardest hit in the World Trade Center attacks,
has also shown interest in 522 Fifth, though it could end up a tenant
rather than an owner.
gone through the building," admitted Kent Karosen, Cantor's point man
on finding a new permanent home.
catch in the sale is that Chase does not own the "fee" - the ground
beneath the building. It's negotiating to buy the fee from an estate of
about 100 owners. A Chase spokeswoman declined to comment..
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