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Property and Building Corp sells HSBC New York Tower for $855 million

Property and Building Corp has agreed to sell the HSBC Tower building in New York City for $855 million to an unidentified third party.

According to a report by Reuters.com, The Tel Aviv-based firm would record a net loss of $45 million from the sale after costs, according to a company filing to the Tel Aviv Stock Exchange on Sunday. Completion of the sale is expected by April 1, 2022, subject to the buyer’s right to bring the date forward.

Property and Building bought into the 80,000 square foot tower in Manhattan in 2009 for $330 million.

The Chief executive of both Property and Building and Discount Doron Cohen said management was focusing on income-producing properties in Israel and that the amount it was receiving from both transactions would allow it to advance this policy.

Cohen said,”We are continuing the policy and examining the possibility of realising additional properties in the United States and in Israel.”

Property and Building said the value of the HSBC Tower in its books was $864 million as of Sept. 30. After costs, it said it would record a net loss of $45 million from the sale.

Completion of the sale is expected by April 1, 2022 subject to Innovo’s right to advance the date while also receiving options to postpone the completion twice for 30 days each.

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